EURUSD Ichimoku Strategy (Long) update

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.

USDJPY Ichimoku Trading Strategy (long) Sharing

This post is for sharing. The position has been closed.

The position was established early August 2012 based on one of the ichimoku strategies, chikou span cutting above the jikun-sen, with price action trading above the tenkan sen, tenkan-sen above jikun-sen.

The trade had taken place while the price action was in the kumo cloud. Technically, price in the kumo cloud represented uncertainty in the direction of the price action. This was "less aggressive" in terms of ichimoku strategies (more aggressive position takers will establish long position below the kumo cloud).

Had exited the postion last week. It was a targeted exit. Technically, tenkan-sen and jikun-sen were diverging, which would suggested price consolidation or contraction in the next few periods.

USDCAD Ichimoku Trading Strategy (Short) Sharing

This post is for sharing purpose.

Have short positions in USDCAD established since end July.

Prior to the short positions, was looking to go long for the USDCAD as price action was trading upwards and breaking the kumo cloud. However, chikou span still trading below the kumo cloud.

Within the next few periods, a sharp reversal from the price action itself, decided to look for opportunity to go short. Technically, either tenkan-sen cut below jikun-sen or chikou span cut below the lowest low prior to the current price action. Established the first short position when chikou span cut below the lowest low prior to the current price action.

Shortly after establishing the first short position, the second short position was established, a pure price action set when the price traded below the most recent low.

Positions have been maintained till with stop loss level below entry price.

EURUSD Ichimoku Trading Strategy (Long) update

This is continued from previous post. An update to the EURUSD position.

Price has been moving sideways since the move downwards. Price still remain above the kumo cloud, an encouraging sign at the moment.

Technical (Ichimoku)

Price movement today is encouraging, provided it closes high or near high. Reason being the chikou span cut above the jikun-sen. Looking back, chikou span had cut below the jikun-sen very recently, diminishing the upward trend and breaking the support level. Price movement today will be encouraging for traders looking to long.

In addition, tenkan-sen and jikun-sen converge in the kumo cloud. It will be fruitful, depending the price action ahead, if the tenkan-sen can cut above the jikun-sen and move out from the kumo cloud.

Strategy (Ichimoku)

Price levels to watch out will be between 12380 to 12400 (as chikou span cut above all previous highs from current price)

Aggressive position takers could look for establishing long position now, with stops below the kumo cloud. Moderate position takers could look stop in above 12380 to 12400, with stops below the kumo cloud.

EURUSD Ichimoku Trading Strategy (Long) update

Update from previous post.

Price has been trading lower after the position established.

Technical (Ichimoku)
Currently, price is trading along the jikun-sen, and tenkan-sen is converging towards jikun-sen. All the action is taking place above the kumo cloud.

The view forward remains bullish but in a conservative manner. It will be encouraging to see that price action trading above 12350 within the next few days, above the kumo cloud upper level.

When price action trades below 12250, where chikou span starts to trade below the jikun-sen, may start to reduce the position sizing. Nevertheless, stop loss level is placed below the kumo cloud.

Strategy (Ichimoku)

If you favor a long:
For new position takers, may want to consider to establish new long position just above the kumo cloud, with stop loss level below the kumo cloud. Specifically, only when price trades above 12325 level.

Ideally, tenkan sen should not cut below jikun-sen or bounce off from jikun-sen when touched. Chikou span should not cut below jikun-sen for the uptrend to remain in tact.

If you favor a short:
For new position takers, may want to look out for few scenarios:
Tenkan-sen cut below jikun-sen
Price traded below kumo cloud
Chikou span cut below jikun-sen.

Depending on where the entry, can consider a money stop loss level or above the kumo cloud if price trading below kumo cloud.

NZDUSD Ichimoku Trading Strategy stopped out

This is an update from previous post.

The long position of the NZDUSD was stopped out couple of hours ago. Have actually shifted the stop loss to protective level few days earlier. All positions closed out with profit.

(This is not a technical stop out as per ichimoku set up)

EURUSD Ichimoku Trading Strategy (Long) Initiated

Initiated a long trade in EURUSD, Position sizing according to money stop loss value.

Trade was established as chikou span had penetrated through the kumo cloud, which usually the last and final confirmation of a directional change.

NZDUSD Ichimoku Trading Strategy (Long) continued

Continued from previous post.

Did not do much since last week.

Price action was choppy since establishing long positions last week.

Have shifted stop loss level higher.

Technical (Ichimoku)

While the price action had been choppy for the last few period, tenkan sen and jikun-sen had not been been able to converged towards each other.

Price itself had not traded near jikun-sen ever since it cut above the jikun-sen

Chikou span had given strong sentiments to the current price action, we could see that those price activities below chikou span will be in a mood of exiting or adding momentum to price action upwards.

Strategy (Ichimoku)

It is advisable to stay put till price itself reveals more information in the periods ahead.