Image: Oanda
TRADE
Date: 12-Sep-2014
Entry: Buy Stop 1.2937, Buy Stop 1.2940
Reason for Trade/Setup:
The ichimoku chart indicators were favorable to a buy set up, mainly tenkan-sen above kijun-sen, and tenkan already crossed over the ichimoku cloud. Chikou span had also crossed above the ichimoku cloud. While the forward cloud signaled bullish, it was rather thin, which may bring concern to the support to the price activity ahead.
The first buy stop was based on the current period high, whereas the second buy stop based on the recent high.
Initial Stop: 1.2915, 1.2915
Initial Target: 1.3003, 1.3015
RESULT
Outcome: Choppy. Price action went up and shot down the next 2 periods. Position was stopped out.
Exit: Stop out.
Profit/Loss: -22, -25
THOUGHTS
There were high impact news @ 2030h and 2200h. However, it was not the plan to trade news. The price itself already reflected what it is or it was.
Perhaps when the forward cloud is thin, it may be wise to adjust the total risk for the trade(s) to be taken.
THOUGHTS
There were high impact news @ 2030h and 2200h. However, it was not the plan to trade news. The price itself already reflected what it is or it was.
Perhaps when the forward cloud is thin, it may be wise to adjust the total risk for the trade(s) to be taken.
I am also aware that the price action now as I am writing this blog is now approaching 1.3000.
There will always be such days around.
The cloud is too thin but signals are good
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