Tenkan-Sen level : 1.5200
Kijun-Sen level :1.5199
Ichimoku cloud top :1.5168
Ichimoku cloud bottom :1.5148
Original strategy :
Bought at 1.5175, Target: 1.5280, Stop: 1.5150
Position: - Long at 1.5175
Target: - 1.5280
Stop:- 1.5150
New strategy :
Hold long entered at 1.5175, Target: 1.5280, Stop: 1.5150
Position: - Long at 1.5175
Target: - 1.5280
Stop:- 1.5150
Despite intra-day rebound to 1.5244, as cable has retreated, suggesting further consolidation below yesterday's high of 1.5270 is in store but as long as indicated support at 1.5154 holds, bullishness remains for the rise from 1.4814 low to resume after consolidation, above said resistance at 1.5270 would confirm and extend further gain to 1.5280 (61.8% projection of 1.4814-1.5222 measuring from 1.5028), however, near term overbought conditon should prevent sharp move beyond previous resistance at 1.5305, risk from there is seen for a retreat later.
In view of this, we are holding on to our long position entered at 1.5175. Only below 1.5154 (minor support) would suggest a temporary top is formed and risk test of the lower Kumo (now at 1.5148) but break there is needed to confirm and bring weakness to 1.5100, then test of yesterday's low at 1.5079, however, reckon 1.5045-50 would limit downside and support at 1.5028 should contain downside.
IMOH, Clement I.
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