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.
No comments:
Post a Comment