An update from previous ichimoku post.
After establishing the last short position on 21 Feb, price action did a reversal, touched the ichimoku cloud lo. It did not manage to penetrate through the cloud. Price continued to trend downwards to the target price level 10200. Will close out some position to lock in profit after this post.
Technical Analysis (Ichimoku Charting)
Tenkan sen, Kijun sen and Chikou span are all in line in bearish formation, very much a reflection of the downward trend of the price action. It is not likely to see a trend change in the near term. The forward ichimoku cloud in downward direction and remain relatively thick, providing resistance to the price action..
Trading Strategies (Ichimoku Trading)
Do not recommend long. Any long will be looking at price action proving that a trend change emerging, that only when price action is between between 10280-10360 in near term.
Look for short when price action reverse back to near Kijun sen, with stop loss above the ichimoku cloud hi.
Singapore Ichimoku Trader.
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