GBP/CAD: Ichimoku clouds
09 November 2017, 20:17| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.6680 |
| Take Profit | 1.6535 |
| Stop Loss | 1.6754 |
| Key Levels | 1.6530, 1.6600, 1.6630, 1.6680, 1.6735, 1.6755. |
Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is approaching the price chart from below, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.6640). The closest resistance level is Tenkan-sen line (1.6688).
On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is approaching the price chart from above, current cloud is ascending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.6640). The closest resistance level is Kijun-sen line (1.6754).
On the four-hour chart we can see a correction of the downward movement. On the daily chart we can see a correction of the downward movement. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (1.6535) and Stop Loss at the level of Kijun-sen line (1.6754).