GBP/CAD: Ichimoku clouds
06 February 2019, 20:50
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL |
| Entry Point | 1.7077 |
| Take Profit | 1.6988 |
| Stop Loss | 1.7137 |
| Key Levels | 1.6988 1.7048 1.7137 1.7169 |
Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (1.7048). The closest resistance level is Kijun-sen line (1.7137).
On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (1.6988). The closest resistance level is the lower border of the cloud (1.7169).
On the four-hour chart the instrument is still falling. On the daily chart the instrument is trading within the cloud. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (1.6988) and Stop Loss at the level of Kijun-sen line (1.7137).
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