It was another choppy day.
Price moved upwards after the released of news (US durables ex. transport.) Placed a stop in order for long, got triggered. New high was established. However, there was no strength in the momentum. Price retraced backwards. Half of the position was square off with the remaining being stopped out.
A short position was established accordingly. Similarly, new low was established. However, the joy was short lived. Price retraced upwards. Square off the position when price traded the top of the kumo cloud.
A day with losses.
While ichimoku charting is used as a trend following charting, there is a need to look into the price action established before the market start.
Similarly, the price action that follows through need to further examine if there is need to stay in the trade or stay out of the trade.
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