GBP/CAD: Ichimoku clouds
08 September 2017, 21:38| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY |
| Entry Point | 1.60254 |
| Take Profit | 1.61366 |
| Stop Loss | 1.58568 |
| Key Levels | 1.60195, 1.58630, 1.61366, 1.60943 |
Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is approaching the price chart from below, current cloud is descending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (1.60195). The closest resistance level is the upper border of the cloud (1.61366).
On the daily chart Tenkan-sen line is below Kijun-sen, the blue line is directed downwards, while the red one remains horizontal. Confirmative line Chikou Span is below the price chart, 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 (1.58630). The closest resistance level is Tenkan-sen line (1.60943).
Long trades can be opened as soon as we get a confirmative signal from Chikou Span line (the line should cross the price chart). Presumable entry point is 1.60254, Take Profit – 1.61366, Stop Loss – 1.58568.
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