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