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Price of GBP/USD closed above the cloud at 6 PM GMT. Placed a buy order at 1.4808 with a take-profit target at 1.4888, and a stop-loss below the cloud at 1.4750. Carried the trade over the weekend because British Pound remained above the cloud but did not hit the take-profit target by the Friday close.
The strength of the Pound continued. Finally, the target was hit at 5:15 AM GMT.
This is the continuation from yesterday’s open buy position of EUR/GBP. Our target, 0.9300, was hit at 7:25 GMT. We took in 60 pips of profit.
I happened to see the price go above the cloud at 7:00 GMT, so I decided to long this pair. I entered a buy limit at 0.9240. I wanted the win/loss ratio to be 1:1 and leave enough room for stop loss just in case the price goes back down and penatrates the cloud and then bounces right back up. So I set the stop loss at 0.9180, and the take profit at 0.9300.
The order was filled at 7:32 GMT. I adjusted the stop loss from 0.9180 to 0.9242 at around 19:08 GMT, 2 tips above the entry. The 2 pips should be enough to cover the interest expense. I’ll watch how the price movement goes and adjust the stop loss or take profit accordingly later.
Stumbled upon this video on Fxstreet. Very informative and great training about Ichimoku.
I didn’t realize that Ichimoku also had its own Net TV show. This is insane.
I was doing some research on Ichimoku and stumbled on this site, which has a great post on the Ichimoku cloud on US dollar / Yen. However, it is way too advanced and complex for me. I do respect the author’s analysis and research, but I’d like to keep my trading simple. It is a good read none the less.
Normally, I stick to my trading plan and the two trading strategies I have been using for some time. They have produced good results. However, I was bored on one of those days and began to poke around on the web. Ichimoku caught my attention. I have never used the Ichimoku indicator before. So, I decided to read about it and found it absolutely fascinating. Even though at the very first glance, it did look complicated. After a few attempts, I began to get the hang of it.
Here are a couple of web sites that I used to read about Ichimoku:
http://www.fxwords.com/u/ichimoku-cloud.html
http://www.prosticks.com/education/ikh.php
I had my first Ichimoku trade last night. Bought EUR/JPY and sold it in less than 30 minutes and bagged 20 pips. I did put a 20-pip stop loss in just in case.
Below is a 5-minute chart with Ichimoku I used last night.
