Entry: Sell Stop 1.2720,
Reason for Trade/Setup:
A very typical trade set up based on ichimoku indicators. All indicators showed a favorable sell set up. Tenkan-sen below kijun-sen, both below the kumo cloud, supported by the chikou span which was also below the kumo cloud. Forward cloud is thin, a concern, not a worry. Importantly was the price action below the tenkan-sen. Placed a sell stop below the recent low.
Initial Stop: 1.2760
Initial Target: 1.2600
Outcome: Price action came lower. Exit for the night..
Exit: Closed out market @ 1.2687
Profit/Loss: +33 pips