It seems that price will breakout of this wedge soon. My bias is to the upside, based mainly on the dynamic rising support line that has been respected recently. GBP does seem weaker as well.
Please share any comments/opinions.
Hello Ichimoku Traders
Please help to confirm my understanding of the Ichimoku system using the attached daily EA chart. Here is my interpretation:
The present trend is bullish due to the following reasons:
1) Price is above the cloud.
2) Tenkan Sen (red) is above the Kijun Sen (blue).
3) Both these lines are pointing up.
4) Chinkou Span (violet) is above the price.
5) Chinkou Span is also above the cloud and pointing up.
I missed the pin bar on Thu and so am not in a trade. However I am considering a short for the following reasons:
1) The overall trend is bearish.
2) The level 1.51600 is significant and acting as resistance.
3) H4 chart looks bullish but a convincing break of 1.50500 will align the daily and H4 to bearish.
So a pending sell order at that area may be an option. R/R looks extremely favorable. I would love to hear your thoughts.…Continue