Ichimoku Currency CADJPY Trade Exit: 5-19-10

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  • Ichimoku Currency CADJPY Trade Exit: 5-19-10

We got stopped out of our CADJPY trade yesterday.   Please see the chart.    If 5/6/2010 was caused by global fear and was a “fluke”, the CADJPY would have broken to the upside yesterday.   It was a perfect Ichimoku setup to go bullish again.    When it penetrated the downward movement, it showed that 5/6/2010 is not a fluke.   There is a very high possibility that we can retract all the way back down.   In fact, if you look at AUD/CHF or AUD/USD, they have retraced completely back to the low’s on that panic day.   
It is unfortunate we got stopped out but it was a good test.   The sentiment now for CADJPY is bearish until the charts tell us otherwise.

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