Now that the battle in the cloud is over and the Bulls seem to be hiding, we must see how far the Bears will take their advancement.
I have added two waves, Ichimoku 'E' and Ichimoku 'V'.
The Ichimoku pattern I have drawn matches a 'V' pattern more then a 'E' pattern; however; the 1Hr chart appears to me to still be in a range and not showing a clear healthy trend so you'll need to look at how price re-acts around these Ichimoku wave support levels.
Aggressive = Enter a trade now and place a stop at the 'N' wave line.
Conservative = Waiting for a clear retracement and re-calculate a new Ichimoku wave.
I have added two waves, Ichimoku 'E' and Ichimoku 'V'.
The Ichimoku pattern I have drawn matches a 'V' pattern more then a 'E' pattern; however; the 1Hr chart appears to me to still be in a range and not showing a clear healthy trend so you'll need to look at how price re-acts around these Ichimoku wave support levels.
Aggressive = Enter a trade now and place a stop at the 'N' wave line.
Conservative = Waiting for a clear retracement and re-calculate a new Ichimoku wave.
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What a roller coaster of fighting going on with Bears and Bulls, a nice ambush from the Bulls at the 'V' wave price target.
With 118 pips for those who got in at the 'N' wave break.
With 118 pips for those who got in at the 'N' wave break.
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Just thought i'd share the power of Ichimoku waves. I wasn't trading at the time, but it's interesting to see how the market retracted after hitting the 'V' wave target then returned breaking the 'V' and continued to the 'E' wave target. (watch how price action reacted at that level).
As this trading set-up has rules, you can see why my conservative approach has the stop on the 'C' leg, as the trade will remain valid until either the target or stop is reached.
If were in this trade and your target was the 'E' wave (set and forget), you would be happy with a nice 200+ pips.
As this trading set-up has rules, you can see why my conservative approach has the stop on the 'C' leg, as the trade will remain valid until either the target or stop is reached.
If were in this trade and your target was the 'E' wave (set and forget), you would be happy with a nice 200+ pips.