All H4 ichimoku signs are bearish. The same applies for daily TF. For daily TF, span A is pointing downward with a large kumo. This suggests that the market is pretty volatile with a bearish bias. On the H4 TF, price is pulling back to the previous support turned resistance. In TV (Oanda), we are seeing an outside bar formation. Strangely, my Oanda MT4 platform is showing an inside bar formation. Nevertheless, the rules for trading these candlestick formations are the same. Bearish bias is confirmed by %R.
Order cancelled:
I just cancelled the sell stop order as the daily kijun sen is angling downward while the tenkan sen, suggesting a possible bullish tenkan-kijun cross which could invalidate our trade. My trader's gut feeling tells me that something doesn't look right.
Comment:
*while the tenkan sen stays flat*