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.
Opened position is still appreciating quite nice. Right now, it is about 40% of reaching Take Profit. Current gains probably won’t last very long, soon there should be a bearish correction. We will see how the situation will develop in the next days, swap is still positive, so I’m not in a rush.
Yesterday I mentioned about a possibility to open short on this pair. I did so, however soon after entering the market the position was closed on Stop Loss. As you can see, there is a bigger bullish correction going on, the price reached bearish Kumo. Well, the position was opened in pair with system rules, Ichimoku proficiency is no bigger than 50%. We just have to look for new opportunities to open position.
On the H4 chart we can see, that after a series of decreases there was a short time consolidation, and the price is fighting Kijun right now. If in this area there will be any bearish candle, we can open shorts targeting daily support at 1.7140. Chikou Span line is so far in good place to open position. I will open the position with STO broker, which offers great trading conditions.