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.
Interesting situation is happening on H4 chart. Lately there was a break below bullish Kumo cloud. Since then price moves slowly down, it has a great resistance in form of Kijun, price rebounded from this line few times already. In the area of 1.1020 there is an important support from the daily chart which is so far not broken. Now we can see that the price is stranded in smaller and smaller range between the support and the Kijun. Unless one of these levels will not be broken, situation will be unclear.
Yesterday I wrote about the possibility to open short on this pair. Moment after I opened it with 24option broker, the pair started to bring profit twice the value of initial SL, it wasn’t hard, the SL is just a little more than 15 pips. Unfortunately, the depreciation was later rejected and at night price was just few pips to close with loss. Today it is earning again, Senkou Span A works fine as a resistance for the price.
Position is opened since Monday, so far there is nothing interesting happening with it. Currently it brings just a few pips of profit. I hope that when the price will get closer to the bullish Kumo, we will see some reaction of the bulls, but it is a topic for the next week.