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.
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.
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.