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leroybrown43,
Just out of curiosity, I had a look at the Ichimoku chart for NZD/JPY:
(1) the Daily chart shows it is bullish, as price has been above the Cloud for quite some months; the Tenkan-sen has been above Kijun-Sen, again, for some months;
(2) the 4 Hourly chart, price went above Cloud on 24/4/2013, has stayed above Cloud, except for the drop inside the Cloud between 1/5/13 and 3/5/13.
The general rule is, when price is above Cloud, then it bullish, when below Cloud, it is bearish, when inside Cloud, whether it is bullish or bearish will depend on where price drops from.
You didn't mention what time frame you were trading the NZD/JPY, so, it is a bit hard to understand in context your post and why you shorted NZD/JPY.
On a shorter time frame, such as the 30 Minute chart, price was below Cloud (thus bearish)from 1/5/13 till 2/5/13, and has been above Cloud since then (bullish).
Like I said, a bit hard to appreciate your comment when you didn't mention your trading time frame so that the readers can relate your commentary to the chart of the instrument. This is where the experience can be shared better, if that is one of the intentions of posting here.
Just my thoughts, not meant as a criticism.
I don't trade forex that much, but when I do, I will be scalping, using 3 or 5 minutes charts.
I am leaning towards trading Aussie CFD equities, using daily charts. I am still learning how to use effectively Elder's multiple time frames approach.
