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.
Welcome after short break. During my 2-day long holidays all my positions were closed by Stop Losses, but despite that I even earned some profit. More details below.
Weak sell signal in form of breaking below bullish Kumo cloud showed up on H4 chart. However, we should notice that a little lower there is an important support from the daily chart. I don’t see a possibility to open position with a good risk reward ratio, so I won’t enter the market.
My first closed position. Fortunately I had my SL set on BE, so I didn’t lose any money. On Tuesday I wrote about possibility to move Stop Loss above Kijun line. If I did it, I would earn about 4-5% of my trading account. Unfortunately I didn’t decide to do that. In the meantime sentiment changed to bullish and the position was closed. I opened this order with 24option broker, I recommend it to Ichimoku trading.
When I witnessed sudden reversal on NZDJPY and I knew that there will be BoE decision published soon, I decided to lower my risk this time and I moved Stop Loss a little above Kijun line. I thought that this line can work as a support for the price and if it will be broken, I still will secure some of the profit. Surprising Bank of England decision led to stronger pound depreciation, my position closed with about 2% profit. Better that than nothing.