Continued from previous ichimoku blog post. Established another long position at the cloud lo. Stop loss level remains the same.
Technical Analysis (Ichimoku Charting)
Price action pulled back after the long position established few days ago, going into the ichimoku cloud low level. Tenkan sen is above the kijun sen and above the cloud hi, whereas kijun sen is still below cloud lo. Chikou span while above the tenkan-sen and kijun-sen, remains below the ichimoku cloud lo. The forward Ichimoku cloud remains bullish, and it gets thinner.
While another school of thoughts will probably looking to sell when price action below the ichimoku cloud lo, it can be, if ignoring the other ichimoku indicators.
Price action itself took major strength to for a reversal from the recent low, resulting tenkan-sen cutting above kijun-sen, price action above the cloud hi, chikou span cutting above tenkan-sen and kijun sen, and the bearish cloud to bullish cloud.
The threat for an emerging bearish sign will be considered when tenkan-sen below the kijun-sen.
Forex Trading Strategies (Ichimoku Trading)
Remain conservative, establish long position with stop loss below lowest cloud lo level forward. If tenkan-sen cut below kijun-sen, prepare for exit strategy.
Alternative school of thoughts can consider going short below cloud low with stop loss above cloud high.
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