Image: Oanda
Welcome back to another winning trading system using ichimoku charting. It is one of the best forex trading system.
Let's take a look at the ichimoku charting on the EURUSD. Price action has been ranging for the past few hours, trading up and down the ichimoku cloud. There seem to be some direction forming at 1600h, but price action turned up north again.
So that's what had happened earlier as I turned on the screen. Tenkan-sen cross over kijun-sen and both lines cut above the ichimoku cloud. More important, chikou span cut above the ichimoku cloud too! We are also seeing the forward cloud turning thin and positive, becoming a bullish cloud.
That said, price action traded above the cloud, and retracing back towards kijun-sen.
A good trade set up for forex trader, and so a long position was established, with stop loss below the cloud level.
2030h must be exciting for many. It is the same for me. However, as a forex trader, one got to be discipline. It is not my style to do anything in such chaos situation. Stop loss already in, if its stop out, its just another losing trade for forex trading.
What is more important is to follow the ichimoku forex trading strategy. I did have target profit area at above 50s, it did not hit unfortunately.
And it is getting late at this part of the world, and I decided to exit the trade, with good profit.
Ichimoku Forex Trader
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