This was an update from previous post and the current positions for EURUSD. As mentioned from previous post, aggressive position takers can initiate positions then with stop below the kumo cloud. Waited a day after and initiated a long position with stop loss below the kumo cloud. Price action had consolidated for few periods before moving upwards in accelerated manner. Moderate position takers would have established long position around 12380 to 12400 level during Asian session earlier today. Technical (Ichimoku) Current price action rally is encouraging, with price trading above tenkan sen, tenkan sen above jikun sen, both above the kumo cloud, and chikou span traded above the past 26 periods high. What is more important is price itself trading above all period highs from 6 July. Looking back, the net short positions established between price level 12400-12750 from early June to early July will have to make a decision. Exit? Hold? or Add on? Depending how the price action reveals itself in the coming days, consolidation between 12500-12700 is anticipated. A strong uptrend reversal perhaps could only happen when price traded above 12800. Strategy (Ichimoku) If position has been established, may consider exiting some when tenkan-sen and jikun-sen diverge away from each other If no position, stay put. Aggressive position taker can consider going long when price touches jikun-sen, moderate position taker can consider going long when price touches kumo cloud top. With stop loss below the kumo cloud. Do not advice to go short.
Continue update from previous post for the EURUSD position. After the rally up from 12300-12350 level, price itself has been trading between 12500-12600 level. As mentioned previously, it is likely to see consolidation between 12500 to 12700 level. Depending how price unveils itself, there should be support level at 12500. Technical (Ichimoku) Tenkan-sen and jikun-sen have converged towards each other. A signal that the price action will be likely to further consolidated around the current level. Looking forwad, the kumo cloud is getting thicker and higher, it is likely to see support when the price traded near the cloud top. Strategy (Ichimoku) Uptrend, to go for long, short not recommended. Price levels to establish long, between 12500 to 12600, with stops below the kumo cloud.
This is for sharing and updated from previous post The price action has been trending lower over the period, below the jikun-sen. Opportunity occurred when price action moved above the jikun-sen and the bottom of the kumo cloud. Established another short position thereafter. Price traded in the kumo cloud with uncertainty in the direction. As reflected by the thin kumo cloud now, the resistance for the price action to go above the kumo cloud weaken. Price itself is above the jikun-sen, and near the bottom of the kumo cloud. Would not consider establish more short position or the intent to go long. Stop loss level is now just above the kumo cloud high. Should the positions be stopped out, good profit.
An update from the previous post for the EURUSD. Price itself has been trading upwards after the consolidation level between 12500-12650. The last few period of the price action resulted the tenkan sen ad jikun-sen diverging. Had closed out partial position to lock in profit. Technical (Ichimoku) The upward trending kumo cloud reiterate the upward trend of the price action. However, with the diverging tenkan-sen and jikun-sen, the price action upwards probably accelerated. The converging of the tenkan-sen and jikun-sen, together with the top of kumo cloud, the price action is likely to find cosolidation/support at around 12700 level. Strategy (Ichimoku) Consider going long when tenkan-sen and jikun-sen converge or when price action near the base of jikun-sen with stop loss below the kumo cloud. The uptrend is slow and steady, do not recommend short unless chikou span goes below the kumo cloud low.
Continue update from previous post. Screen shot was taken yesterday, but was too tired to write the post as it was very late, and z-monster was looking for me. As mentioned in previous post, did not recommend to go short as the kumo cloud was thin. Price itself did go above the kumo cloud, followed by a quick reversal. A new short position was established then, as it was new low formed up by the chikou span and the price action itself. Similarly, one of the position was closed for profit, marked by yellow circle. Am not sure is it oanda platform glitches, my historical trade was not reflected (marked by a white circle with thin yellow line connecting to it. As I am writing this post, price action has gone further south. It might be likely that we see the trend to gain momentum in the south direction. Do not recommend long. Short position takers might want to hold till tenkan-sen and jikun-sen converge prior to establish any short positions.
This continued from previous post. Currently left with only 1 position in EURUSD. Price itself has been trending upwards. From the tenkan-sen and jikun sen, while they have diverged, the divergence seem to keep in tact. Technical (Ichimoku) Everything set in place. It is uptrend. Strategy (Ichimoku) Could only look for price itself retracing to the top of the kumo cloud, or when tenkan-sen and jikun-sen converge. If looking for short, may consider adding stochastic or RSI as alternative indicators, the divergence of tenkan-sen and jikun-sen can be use as a compliment to the over 70 level is stochastic and RSI.
This was a new position established few day ago on AUDUSD. Not the best setup of all, but good enough to call for a long entry. Price action was trending upwards and hitting kumo cloud lo, it went into the kumo cloud region, and trade near the cloud lo region. Tenkan-sen began to cross over the Jikin-sen and diverged out showing strength of the upwards momentum. Price itself was trending upwards after hovering around the cloud lo. Chikou Span also crossed above the jikun-sen, giving strong signal of the reversal. Price action also began to pierce through the cloud hi. Should the chikou-span crossed above the cloud hi would be a perfect set up then. (Chikou span eventually traded above cloud hi) Entry was made when the price went above the cloud hi. Will see how the trade turns out from the price action.
This is an update to previous post. All positions have been closed, based on price action going above the kumo cloud. Looking back, the positions had been established since end July, couple of positions added along the way, and closed with good profit. Cheers.
This is an update from previous post. Price action does not seem to favor the long position established. The rally was short lived. Technical (Ichimoku) Tenkan-sen cutting below the jikun-sen, with price actin going below the tenkan-sen. And the price action, tenkan-sen & jikun-sen is now in the kumo cloud region. Chikou span has also cut below the jikun-sen, but not yet creating the lowest low among the periods forward. Strategy (Ichimoku) Stop loss level has been raised from previous level, below the kumo cloud and just below the most recent low formed by the price action. Aggressive position traders can go with a short, with stop loss level above the kumo cloud. Other levels to consider shorts: when price action traded below the kumo cloud, Or when chikou span cut below the most recent lows. Do not suggest to go long. Might consider only when price action revert up and cut above the kumo cloud.
This is another update from previous post. All positions closed. Price action has pierce into the kumo cloud. Those down arrows were all the price which positions were closed gradually. If you have been following, long positions had been established more than a month back. Cheers.