Tuesday, November 4, 2014

USDJPY long term Ichimoku Best Forex Trading Strategy 09-Oct-2014 #02

























Image: Oanda

TRADE

Date: 09-Oct-2014

Entry: Sell Market 107.55; Sell Market 106.89

Reason for Trade/Setup: 

The main reason for the trade set up was price action itself was below the kumo cloud. Did not choose to wait for the chikou span to go below the kumo low.

Initial Stop: 109.50, Shifted to 109.00., Shifted to 108.50

Initial Target: 101.55

INTERMEDIATE COMMENT

Add on another position, with price action remaining below the kumo cloud but above both tenkan-sen and kijun-sen.

RESULT

Outcome: Price action traded upward.

Exit: Exit with loss at 108.50

Profit/Loss: -95 pips -161 pips

THOUGHTS

Price action turns bullish after stopping out, especially the chikou span crossing over the kumo cloud.

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