Tuesday, July 29, 2014

AUDUSD Ichimoku Forex Trading Strategies 29 Jul 2014 #01

Welcome back to another forex trading day!!!

Today we will be looking at AUDUSD for our ichimoku forex trading.

Have a quick look at the ichimoku chart and a quick technical analysis on the ichimoku chart:

  • Tenkan-sen has cut below the kijun-sen, but both lines remain above the ichimoku cloud.
  • Chikou span has already cut below the ichimoku cloud, it went back into the cloud, and cross below the cloud lo without going above the cloud hi.
  • Chikou span has not cut below the tenkan-sen nor the the kijun-sen.
  • The forward cloud is bullish, but is diminishing, getting thinner, and a bearish cloud in the making.
  • Price action itself is now in the ichimoku cloud, meaning its below the tenkan-sen too.
So what are we or you going to do with the information reflected from the ichimoku charting and the price action?

I have chosen to go bearish and have established a short position, stop loss level at 9450 level.

One of the most important ichimoku indicators is the chikou span. More than often, when most indicators in ichimoku charting indicates a bullish or bearish trends, we would always like to see chikou span also in the same direction with the remaining, meaning either it cross above the cloud high or cloud low.

We could see both from price action and chikou span, a sharp drive towards north before making a quick reversal south. While we could not see much from price itself, the chikou span, together with the cloud, revealed to us, despite crossing over the cloud high, a thick one, chikou span crossed below the cloud low too, relatively thick one too. and most important, chikou span did not manage to cross over the cloud high.

The cloud high forms a resistance to the chikou span.

I have therefore chosen a short, an aggressive one, but with manageable risk, for the ichimoku forex strategy.


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