Thursday, August 21, 2014

EURUSD Intra-day Ichimoku Best Forex Trading Strategy 20-Aug-2014

Image: Oanda

Another winning ichimoku strategy for forex trading!!!

This forex blog post came late.

Let's do a quick review on the forex trade based on the ichimoku charting above.

As usual, tenkan-sen below kijun-sen, together with chikou span, all were below the ichimoku cloud low.

Placed a stop in sell order and was triggered at 1. I had also placed another stop in order as shown at 2. That order was cancelled later as I was going to sleep.

Looking at the price action, we could see that the price level that I sold was really new the low for the night. And there was chances that the price may look to go into the ichimoku cloud. It didn't.

On Ichimoku charting, tenkan-sen did cross over the kijun sen. However, just one signal from the ichimoku charting is not significant enough to conclude as a trend change. Chikou span span had not crossed kijun-sen. And more important, none crossed over the ichimoku cloud.

I left the position opened as I already knew there would be news later on. News worked both way, in your favor or against your position. The important thing is that stop loss had been placed above the cloud high. So the risk had been managed.

Woke up this morning, saw the position making money, closed out as shown at 3.

Ichimoku forex strategy is one of the simple trading strategies.


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