Ichimoku is an investment strategy of trend following, it works great on H4, D1 and higher time frames. In this series of articles I present my setups and observations using Ichimoku, supports and resistances and Price Action patterns. You can also check previous Ichimoku overview.
Today I don’t see any signals to open position, I even look for a place to exit one which has no longer any potential. On the other side, short on EURGBP closed with great profit, more details below.
I have long position on AUDNZD opened for more than two weeks now. Although for some time it was earning value equaling to 1 SL, it is getting only worse. For last few days I counted on going back to gains, but it seems like bullish trend line will be broken permanently. What’s more, Kumo cloud will change sentiment to bearish soon. Currently the position is losing a little, I will try to leave it in the Break Even area, which is about 30 pips away.
Last bullish correction on euro could be a great opportunity to open short on EURCAD. Price broke through important support at 1.4560, which now should work as a resistance. Bearish Kumo cloud is really wide and Tenkan line is way below Kijun. I already entered short position earlier this week from daily chart, it is now on 1/3 way to SL, but I count on going back to losses.
I wrote about a possibility to open pending order on Wednesday. Yesterday I mentioned that position was opened and was earning 3x SL value already. Today there was another wave of decreases and eventually in less than 24 hours the price reached TP and my balance is 17.5% bigger. Really good position, they don’t happen very often. However I have to admit that I was lucky that it was activated, just few pips less and I would stay aside. I opened this position with 24option broker, which offers great spreads and fast order execution.
The only potential signal I can see today. Price on H4 chart broke out of bullish Kumo and above local resistance. We can think about opening longs with a target on 0.7320 or even 0.7375. I won’t open this position, lately the pair was for a longer time in consolidation, there are no clear signs of bullish power.