Friday, September 23, 2011
EURUSD 23 Sep 2011
The price had been trending down before 2000h.
At point A, price faced some resistance at the bottom of the ichimoku kumo cloud. Nevertheless, the tenkan-sen started to cut above the jikun-sen. The price started to test the kumo cloud again. This time round it penetrated through the top of the kumo cloud. At the same time, the chikou span also penetrated above the cloud. Established a long position thereafter
The price trended upwards thereafter. There was some consolidation prior to another movement upwards. Placed a profit taking level. Closed off partial of the position at Point B.
The price consolidated at point B before trending down. A stop loss was placed below the Jikun-sen. It was later triggered at Point C.
Called it a day.
PS: price trended upward after stopping out at the time of this post... There will always be another day for you to trade...