Ichimoku Trading Strategies 23-April 2014 #3

It has been quite some time since the last post. The position established was stopped out.

08 May saw a sharp reversal followed by price action breaking through the thin kumo cloud.

No position was established due to the bullish kumo cloud, thin though.

Price action continued to trend lower then.

The current tenkan-sen is below kijun-sen, but converging in. Price action remains a distant away from the kumo cloud low, thick kumo cloud to be specific. Kumo continues to indicate bearish mode ahead, and with strong resistance to the trend change.

The risk now is high. Remain side line.

Ichimoku Trading Strategies 23-April 2014 #2

It has been quite some time since I last updated the blog about the existing trade.

Looking back now, price action has been trading in range between the 2 white horizontal lines shown. Price action traded into the kumo cloud, but seem to be supported by the bullish cloud range, decided to make the way up north.

Tenkan-sen remains above the kijun-sen, and chikou span is also above the past 26 period trading ranges. However, the forward kumo cloud is a concern. Thin upward bullish kumo cloud.

The stop loss level will be adjusted to below the cloud. A profit taking level set at 2 times the risk as per current situation.

Depending how the price action unfolds, will trade accordingly.