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.
Yesterday I mentioned about possibility to open long position on EURCAD, however I did not decide to do that. Currently we can see that there was a break above local resistance set by the high from two week ago. After strong gains connected with good data from Eurozone there was a bearish correction, which still lasts. Cloud will change colour to bearish soon, but it is just temporary reversal. I still do not open the position, but I will watch this pair in the future.
On the H4 chart we can see the example of Ichimoku indicators working for a clean bullish trend. Careful investors could open longs after bullish break out of Kumo cloud, currently the price is more than 100 pips higher. The high from last month in 1.1625 area can stop bulls. Break of this level can lead to further strengthening.
I opened this position in the end of last week, so far nothing interesting happened. It is earning about 40 pips, I will wait for further development of the situation. I opened this short with 24option broker, besides NZDJPY it offers more than 200 financial instruments.