Market is struggling to hold up here

Only one trading day left from the month, it is unlikely that this chart changes much even with the EU summit news
still in the bag (I personally expect it to be a total lackluster, but a good excuse for a short bull run, till reality kicks in)
Gravity attracts here, I think we see 124.82 at least in 2012 it is just a matter of time, there is a realistic chance of 121.67 as well before the next round of Quantitative Easing is announced, worst case scenario I see them stepping in
latest around the 112.31 area, not to mention the US presidential elections window dressing (November 6, 2012 so September/October for action I guess) It is much cheaper to run a market on hope than on QE so even with elections
in sight the fed needs to see much more bad economic data and lower prices to step in

My stance at the moment: day trading on the long side for sure, swing trading not so confident to hold overnight at this stage with all the headline wind, long term holdings max 10% of the account

In summary Im much more confident holding shorts overnight than longs


Its said to work better on longer TF, I actually use it for 5m scalping as well and it works relatively well if the market is not fluctuating above/below the cloud range bound. There are many different strategies to utilize it, I use Tenkan-sen (red) as a guide to see where the equilibrium price is if the trend weakens. Do not like to wait for crosses as they are lagging indicators. The cloud is a great tool to see support/resistance areas. Look around there are plenty of resources on the net and to name a few
Solid chart. You are one of few I've seen who use the Ichimoku cloud... I'm learning about that indicator, but haven't really used it much. Any ideas or recommendations on best scenario's to use it for would be appreciated. Do you use it more for the longer time frame charts as opposed to short?
be aware this is a longer term view and today's EU news actually was not a lackluster contrary to my expectations, short bull run into next week, still how long this lasts