Tuesday, September 11, 2012

EURUSD Ichimoku Strategy (Long) update

























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.



3 comments:

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  2. thank you steave. hope you have benefited from the posts.

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