Tuesday, October 9, 2012
GBPUSD Ichimoku Strategy (Short) update
This is an update from previous post.
Perhaps luck played a part in this trade. After establishing short positions in the kumo cloud, the price action reverted upwards. Unlike the EURUSD, price action for the GBPUSD had never penetrated above the kumo cloud. Thereafter, touching just the cloud hi, the price action reversed and continued the downward movement.
Downtrend formed up in place. However, the thin kumo cloud ahead reflected that the resistance is not strong. Idea situation is price action trades below 16080 level.
Short position takers can look for kijun-sen level for establishing short positions with stop loss above cloud hi.