Established another short position on 13 Feb when price action touched kijun-sen. Currently holding 3 short positions at 1.0464, 1.0396 & 1.0340.
Technical Analysis (Ichimoku Charting)
Tenkan-sen and Kijun-sen converging towards each other below the ichimoku cloud.Chikou span failed to break the 26 periods high looking forward. The kumo cloud is thick for the periods ahead providing the resistance to the price action.
Trading Strategies (Ichimoku Trading)
The trend continues its downward movement. Price action needs to break above ichimoku cloud @ 1.0400 level for a change in trend direction. While it is not impossible, it is not likely till price action proves it itself. Entry for short may consider current with stop at above the kumo cloud, or may choose conservative entry near the kumo cloud low. Entry for long would only be considered when 1.0380 is breached and actual entry would only be consider when price action break 1.0400.
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