It has been quite some time since the last post. Forex movement had been quite choppy in the past few days.
Had been on the look out and spotted an opportunity in the USDCAD.
Technical Analysis (Ichimoku Kinko Hyo)
Price action had been choppy for the last few period while below the ichimoku clouds. Tenkan-sen cut above the kijun in the last few periods while below the ichimoku clouds. Price action had accelerated upwards in the last 2 periods, and penetrated above the ichimoku clouds. More important, chikou span cut above both the tenkan-sen and kijun-sen, and the cloud bottom (chikou span A). The forward ichimoku cloud is thick, good support if price action retraces back.
Trading Strategy (Ichimoku Chart)
Had established a long position with stop loss below the lowest ichimoku clouds level @ 0.9840. May want to consider adding more position if price action falls back to 0.9895 level. Will see how price action reveals itself. Shorts not recommended.
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