Ichimoku is an follow the trend strategy, it is perfect for H4, D1 and higher intervals. In the following review, I present my performances and observations using Ichimoku, support and resistance and Price Action formations. The analysis partner is the broker Naga Markets. I follow the cycle straight from sunny Thailand, so when you read it in the morning, it’s already noon here.
On the four-hour chart, you can see an interesting opportunity. The price of GBPCAD rebounded last week from the resistance on the daily chart and dynamically surpassed the support and the rising Kumo cloud. Now we can see that there has been a rebound from the lower boundary of the cloud. This is a good moment to open a short position.
Take Profit is over 250 pips lower, near the support from the daily chart at 1.6750. Stop Loss can be set above the last peak inside the cloud. In this way, you can achieve a profit-risk ratio around 4:1.