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.
On the H4 chart we can see that there was a sell signal in form of strong break below bearish Kumo cloud. Unfortunately, if we take a look at Chikou Span, we can notice that it is above the price. This is why we cannot open short position. Maybe it’s good, because lately the price moved in quite wide side trend.
Yesterday I wrote about the possibility to open long position from the daily chart of CADCHF. Position was earning few dozen pips in the morning, but now it is losing. We just have to wait for further development of the situation. I opened the position with 24option broker, which offers more than 200 different financial instruments.
Today at night buy signal on USDCHF showed up – Tenkan crossed above Kijun. In addition last dynamic bullish candle crossed Kijun-sen, so it is another signal. Chikou Span is above the price. However, if we take a look on the general situation on the chart, we can notice that lately there were many signals, because price is in consolidation. This is why I’d rather stay away from entering this market, I prefer to wait for break from the consolidation range marked with thin blue lines.