Continued from the earlier post, it was another choppy session for the GBPJPY. The price action downwards was short lived. The position was stop out.
Technical Analysis (Ichimoku Kinko Hyo)
Tenkan-sen is in the process of going over kijun-sen, with both lines taking the action in the kumo cloud.. Chikou span is bullish by mean of cutting tenkan-sen and kijun-sen. More important, breaking new 26 periods high. The kumo forward is not relatively thin or thinck. However, it does show the short term trend is edging upwards.
Trading Strategy (Ichimoku Charting)
While price itself is bullish, it remains to be seen. With tenkan-sen and kijun-sen in the cloud, it may pull back the pricing action to a more equilibrium state.
If long bias, establish long only near the cloud hi., else find other market.
No comments:
Post a Comment