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.

Sunday, 20 November 2011

GBP/USD Analysis 2011-11-20

GU is in no trade zone for weekly and daily chart as GU moves inside the Kumo. However, we can see a strong bearish trend at 4H TF.

At 4H chart, a correction is progressing. GU below Kumo and KS. A lower high pattern tell us down trend in action and simply indicate to only enter short trade.

For long term strategy (refer daily chart), GU should exit Kumo to continue uptrend. When GU above Kumo, then we look a correction at 4H chart to enter long.

Trade Idea : Short below support line 1.5688 and take profit at 1.5500. A +188pips target.