Monday, October 27, 2014

GBPUSD long term Ichimoku Best Forex Trading Strategy 30-Sep-2014 #03

Image: Oanda


Date: 30-Sep-2014

Entry: Sell Market 1.6217

Reason for Trade/Setup: 

Tenkan-sen had crossed over kijun-sen, and below the kumo cloud. However, kijun-sen was in the cloud, and chikou span went into the kumo barely after it crossed below. Price action was below and the forward cloud was bearish. Took a position to short when price action near the tenkan-sen.

Initial Stop: 1.6450, Shifted to 1.6200

Initial Target: 1.5528


Price continues to maintain below the ichimoku cloud. Remain cautious the way forward. While the forward cloud remains thick providing the resistance to the price action, the risk remains high looking at the movement of the price action. Stop loss is adjusted to 1.6200.


Outcome: Price activity began to trade upwards after hitting a low around 1.5875 level. Stop loss level shifted lower to 1.6100, Was stopped out subsequently.

Exit: @ 1.6100

Profit/Loss: + 117 pips




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