For today let us look at the ichimoku indicator on the daily to have another perspective. These are the observations.
1. Price is in the cloud = normally means no trade, but also means a potential change of trend.
2. Price is testing the bottom of the cloud, and it does not look like it is going down for now.
3. The tenkan and kinjun line has not crossed down but sticking to each other which means the next move will be big, I am leaning to the upmove.
I would be expecting a good upmove to break the top of the cloud at around 11600. A break below the cloud for a few bars makes this view invalid.
Educational purposes only.
1. Price is in the cloud = normally means no trade, but also means a potential change of trend.
2. Price is testing the bottom of the cloud, and it does not look like it is going down for now.
3. The tenkan and kinjun line has not crossed down but sticking to each other which means the next move will be big, I am leaning to the upmove.
I would be expecting a good upmove to break the top of the cloud at around 11600. A break below the cloud for a few bars makes this view invalid.
Educational purposes only.
Comment:
One observation to note is that the tenkan and kinjun lines are still stuck, which means the big move has not happened. Hopefully today.
