Tuesday, May 6, 2014

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.

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