Hey everyone,
I’m back to trading!! I dont have a lot of time each day to trade to started studying and using Ichimoku as my main trading method. I will still look for reversals trades and I still use price action and candlesticks analysis, but my main focus now will be with the Ichimoku.
As a matter of fact, after a long break, here is my first position of this year. Let’s hope we finish the year with a few pips on this trade.
Here I am looking at the Euro against the Singapore Dollar. The price is trading below the cloud and all the other Ichi indicators show a bearish sentiment. I have looked at the weekly chart and the sentiment is the same as the price is below the cloud.
I have set a sell order a little bit below the last lower low at 1.5460. If the price breaks below the last bear fractal then it could mean a continuation of the downtrend.
I have set my stop loss a little bit above the Kijun.
I’ll update this post as days goes by if the order is triggered or not.
At the moment of this writing, the price has gone up to 1.5605. Might just be pulling back to the Kijun before continuing the downtrend, although the cloud is getting thick, which mean that some consolidation might happen a this level, as it is close to a support zone.
I’ll have to monitor for candles reversal near support zone. Price might decide to move back up.
UPDATE: 2018/12/02
Now this is kind of a nice reversal. Hanging man on the Kijun followed by a big berish engulfing candle. Although the close of the engulfing candle is touching the support zone, I am keeping my short order where it is as if the price break this support zone, It will keep going down. Everything in Ichi is set up for a down trend, except that big future cloud that could give the signe of the beginning of some consolidation. I will be also looking for some reversal action on this zone, as it has not been broken since June 2017. I will go long on this if I see a reversal pattern in this zone, trying to get a little share of the consolidation, if there is one.
UPDATE: 2018/12/05
EUR/SGD broke the last bear fractal on the daily chart, and at the same time triggered my long order.
A nice support line has also been broken at 1.5532. I believe that if the price could break this support line, then it should have enough momentum to continue downward.
If I spot a reversal candle pattern, I’ll move my stop at the Senkou A.
What I like a lot also is that the price action on the weekly chart also broke the last bear fractal and the one before it! I hope that this is going to be a nice long downtrend.
UPDATE: 2018/12/16
Well I got taken out of this one. Price triggered my sell order and then reversed to get my stop. I’m not monitoring this one for now, as on the weekly chart, the Chikou is in the cloud. I will wait to see where the pullback is going. It looks like that it is going into consolidation as the pullback is at the same level as the last lower high. I am looking for sign of reversal on this one.
