Friday, August 1, 2014
Welcome back to another winning trading system using ichimoku charting. It is one of the best forex trading system.
Let's take a look at the ichimoku charting on the EURUSD. Price action has been ranging for the past few hours, trading up and down the ichimoku cloud. There seem to be some direction forming at 1600h, but price action turned up north again.
So that's what had happened earlier as I turned on the screen. Tenkan-sen cross over kijun-sen and both lines cut above the ichimoku cloud. More important, chikou span cut above the ichimoku cloud too! We are also seeing the forward cloud turning thin and positive, becoming a bullish cloud.
That said, price action traded above the cloud, and retracing back towards kijun-sen.
A good trade set up for forex trader, and so a long position was established, with stop loss below the cloud level.
2030h must be exciting for many. It is the same for me. However, as a forex trader, one got to be discipline. It is not my style to do anything in such chaos situation. Stop loss already in, if its stop out, its just another losing trade for forex trading.
What is more important is to follow the ichimoku forex trading strategy. I did have target profit area at above 50s, it did not hit unfortunately.
And it is getting late at this part of the world, and I decided to exit the trade, with good profit.
Ichimoku Forex Trader
Thursday, July 31, 2014
Another Winning Ichimoku Forex Trading Strategy.
In case you missed the forex blog on 29 Jul 2014, a quick recap now.
Short position has been established in the AUDUSD. A chosen position while the price action was in the cloud.
So what's next?
Tenkan-sen and kijun-sen are diverging away, signs of volatility, which also means we could see price consolidation or ranging in the next few periods. Chikou span is below the ichimoku cloud, and the forward cloud is bearish and turning south. In general, from Ichimoku charting, we can see bearish mood.
Price action is far away from the Ichimoku cloud low. We may see price activity moving north attempting to break the think cloud. Again, depends how price unfolds.
Yes there maybe some pull backs. However I see more of adding shorts and turning bull.
Wednesday, July 30, 2014
Another Winning Ichimoku Forex Trading Strategy
Let's take a quick review on ichimoku forex trading strategy on the ichimoku charting.
Tenkan-sen crossed below the kijun-sen, while in the ichimoku cloud at around quarter past noon, and continued to trend in that manner till both the lines crossed below the ichimoku cloud.
Price action trended below the kijun-sen. Why the position was established at around a quarter past three was mainly from what I considered one of the most important indicators in ichimoku, the chikou span.
Noticed the first trough formed by the chikou span at around the time location quarter past seven at the morning session. Fast forward, and you see the price action broke below the cloud. What we are looking for in a short entry, is the chikou span break below the trough it formed.
The stop loss level was placed above the cloud high.
Nevertheless, price action range for periods below the trend down south.
There maybe some luck as news play came in at 2030 hours. Nevertheless, it is still a good winning ichimoku forex trading strategy.
Exit at around 2300. Time to sleep.