Monday, July 28, 2014
Ichimoku Forex Trading Strategies 23 Jul 2014 #2
If you have missed out the last forex blog post, do not miss out this one.
As mentioned previously, a short position has been established. The price action continued to trend lower below the ichimoku cloud. What's next?
I have chosen to square off half the position at the tenkan-sen level. You do not have to necessary follow the same I did. At tenkan-sen level, there's equal opportunity for buyer and seller. In fact, there's equal opportunity at every level. I have chosen to do so simply because the price action is far from the ichimoku cloud low, and tenkan-sen is just a level i have chosen to close part of the position.
Looking ahead, what forex trading strategies can we apply using ichimoku trading?
We may look at kijun-sen level should price action moves to there. A short position to add on or establish. Looking at chikou span level, we do not see it can trade above the ichimoku cloud high. As such, it is till bearish bias.