Friday, November 2, 2012
GBPUSD Ichimoku Strategy (Short) update
The volatile price action had taken the positions out.
The price action had reversed in an accelerated manner after the last short position being established. Tenkan sen remained above the kijun sen, with the price action leading the reversal to above the kumo cloud. The current setting, price above the kumo cloud, tenkan sen above the kijun-sen and chikou-span above the kumo cloud, favour a strong buy signal.
Based on the setting, it is a recommended buy. The only set back is the thin kumo cloud forming ahead, which also represents a weak support should the price action decides a reversal.
New position taker might want to consider taking a conservative approach in establishing long positions.
*On a side note: with NFP going to be announced tomorrow, might want to stay put at the moment.