Forex Ichimoku Trading Strategy

Ichimoku Kinko Hyo is a purpose-built trend trading charting system that has been successfully used in nearly every tradeable market. It is unique in many ways, but its primary strength is its use of multiple data points to give the trader a deeper, more comprehensive view into price action. This deeper view, and the fact that Ichimoku is a very visual system, enables the trader to quickly discern and filter "at a glance" the low-probability trading setups from those of higher probability.

Wednesday 6 April 2011

GJ Analysis

As of today, we see GBP/JPY (GJ) almost break the Kumo. Weekly chart tell us that bearish is almost over. As price move strongly and touched resistance line that was drawn last week, new resistance line number is drawn. Refer new chart.

On daily chart we can see the bullish is very strong as price far away from kumo. This is good indication of reversal from bearish trend will soon become real for long term trend.GJ has reached the Resistance 2 line as per last week chart (Now become Resistance 1, today's GJ chart.). It is good to take partial profit this time.