Established 2 positions in USDCAD since 14 May 2013.
The first position was established when price action was in the ichimoku cloud. The basic principle was tenkan-sen cut above the kijun-sen and chijou span cut above the kijun-sen. These happened when price action was in the ichimoku cloud.
The second position was established when price action retreated to ichimoku cloud top. A question of doubt may arise why not established when price action first penetrated above the ichimoku cloud top? The answer is "yes you may and if you want to" Nevertheless, that shall not stop you to establish new position when price retreated back to the cloud top, regardless if you had previously established any or not, provided all these are done with proper risk and money management.
Technical Analysis (Ichimoku Charting)
The price action is now gaining momentum in the upward direction. All ichimoku components favor a bullish signals to USDCAD. This is further confirmed by the price action passing through a thick bearish ichimoku cloud. The forward bullish ichimoku cloud is forming and relatively thin, indicating of thin support to the price action if any quick reversal will to occur.
Ichimoku Trading Strategies
Looking at where the price is now, better to stay put. Long may established around tenkan-sen or kijun-sen level. Would you want to wait till the ichimoku cloud top? No, as chikou span will cut into the cloud then, and views may change. Stop loss to be below the ichimoku cloud lo. Risk of pips is high, therefore the sizing of the position will have to be reduced to be in proper risk management level.
Singapore Ichimoku Trader
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