Established a new position.
Price action has traded below the kumo cloud recently, coupled with tenkan-sen, kijun-sen and chikou span cutting below the kumo lo. Divergence between the tenkan-sen and kijun-sen reflected increased in volatility in the price action itself.
While price action remains below the kumo lo, it retraces to kijun-sen level. Sufficient strength in price action is required to have the chikou-span cut above the kumo hi. Forward kumo reflected bearish mode and moved lower.
Position is therefore established with stop loss above kumo high, a distant away. Overall risk for this trade in this portfolio remains @ 2%.
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