Thursday, November 7, 2013
A new trading position established for the EURUSD couple of days back. At the time of establishing the position, price action had a sharp penetration through the ichimoku cloud in one period. Tenkan-sen just went below the kijun-sen, but remained above the ichimoku cloud. Chikou span just cut below the kijun-sen, also above the ichimoku cloud. The forward cloud was thicked, though "bullish". When price action went below the thick "bullish" cloud, it probably meant something. The trade was in then.
Looking forward, a lot of "space" for the price activity below the kumo cloud. Unlikely to see a bullish price action for the next few days unless there is sufficient fundamental change.