Thursday, August 21, 2014
Another winning ichimoku strategy for forex trading!!!
This forex blog post came late.
Let's do a quick review on the forex trade based on the ichimoku charting above.
As usual, tenkan-sen below kijun-sen, together with chikou span, all were below the ichimoku cloud low.
Placed a stop in sell order and was triggered at 1. I had also placed another stop in order as shown at 2. That order was cancelled later as I was going to sleep.
Looking at the price action, we could see that the price level that I sold was really new the low for the night. And there was chances that the price may look to go into the ichimoku cloud. It didn't.
On Ichimoku charting, tenkan-sen did cross over the kijun sen. However, just one signal from the ichimoku charting is not significant enough to conclude as a trend change. Chikou span span had not crossed kijun-sen. And more important, none crossed over the ichimoku cloud.
I left the position opened as I already knew there would be news later on. News worked both way, in your favor or against your position. The important thing is that stop loss had been placed above the cloud high. So the risk had been managed.
Woke up this morning, saw the position making money, closed out as shown at 3.
Ichimoku forex strategy is one of the simple trading strategies.
Wednesday, August 20, 2014
Another Ichimoku Winning Trade for Forex!
Hope that you had read the forex blog the day before, cause the set up was rather similar for today's trade.
I had done a market sell @ around 1515hr. The basic principle, to sell below the cloud low. Of course, the overall ichimoku charting had reflected bearish for prolong period, with tenkan-sen below kijun-sen, and chikou span below the kumo cloud. The trade was done during office hours using mobile phone.
I placed another stop in trade at around or just before 2030h. There were news to be released at 2030h. Same trade set up the day before, placed stop in level below tenkan-sen. And there it went, price smacked down and the trade got triggered.
I had placed to close partial position at 13295 level, and target level with 3: 1 ration. Again, what we want is one thing, what the market is giving is another. Time to sleep, I square off the positions.
Using ichimoku charting for Forex gives one of the best forex trading strategy.
Tuesday, August 19, 2014
Another Ichimoku Forex Trade for the day.
Let us do a quick review for the trades did earlier.
Placed a stop in trade earlier of the day at around 1500h. first yellow circle) A square box denoted the stop in order, a down triangle denoted the trade had been executed.
This trade was made with tenkan-sen crossing below kijun-sen, and both below the ichimoku cloud. More important, looked towards the right, chikou span crossed below the ichimoku cloud. As always mentioned in my other posts, chikou span crossing above or below the cloud is a very strong signal, which cannot be ignored.
After few hours, I placed another stop in order at the second yellow circle. During that moment, price action was trading upwards to the ichimoku cloud. However, none of the ichimoku charting indicators show signs of bullishness. Tenkan-sen had not yet crossed above kijun sen, and chikou span had not yet crossed over the cloud high. The stop in level was below tenkan-sen. And I was stopped in.
Moving forward, we did see tenkan-sen crossed over the kijun-sen, but its not going to be main concerned. Stop loss level then was above the Ichimoku cloud high.
Price action needed time, and patience was required.
Everyone likes a risk/reward ratio 3:1, 3 units of reward to 1 unit of risk.That's what I placed for my profit limit level. However, we need to understand what market wants to offer you.
I place a buy limit to close half of the positions at 13360. Subsequently I closed all, as its getting late at this part of the world.
Ichimoku Charting, one of the best trading technique for Forex.