EURUSD 25 Aug 2011

It was again another day of tsunami...

A short position was initiated as the price was trading below the ichimoku kumo cloud. While there was price retracement thereafter, it traded lower gradually.

After weakof jobless claim data at 0830h, price traded significantly lower. However, some support was shown at 1.4410. Price continued to trade in range bound.

Another short position was initiated according to trade plan.

Shortly after, the support at 1.4410 was penetrated.

The joy was short-lived though. A surge of tsuami came along, tenkan-sen cut the jikun-sen instantly, price shot up the ichimoku kumo cloud, stop loss triggered.

No idea on the intervention at this moment.

EURUSD 24 Aug 2011

It was another choppy day.

Price moved upwards after the released of news (US durables ex. transport.) Placed a stop in order for long, got triggered. New high was established. However, there was no strength in the momentum. Price retraced backwards. Half of the position was square off with the remaining being stopped out.

A short position was established accordingly. Similarly, new low was established. However, the joy was short lived. Price retraced upwards. Square off the position when price traded the top of the kumo cloud.

A day with losses.

While ichimoku charting is used as a trend following charting, there is a need to look into the price action established before the market start.

Similarly, the price action that follows through need to further examine if there is need to stay in the trade or stay out of the trade.

EURUSD 23 Aug 2011

Price action was kind of slow initially.

Placed stop in order for short. Short order was triggered later on. Set a target price to close half of the position.

There was price retracement. Thought that could be stop hunting. Placed a technical stop loss to close half of the position. Howevre, it was not triggered. Order removed.

Price moved lower. Reaching my target price. Half of the position closed.

After 1000h, news of new home sales released. Less than forcast. Closed half of the remaining position.

The remaining position was stopped out subsequently.

Good profit for the day.