Ichimoku long setup: GBPCHF

A pinbar with a long lower wick sits nicely on the H4 kijun sen. Although price is below the cloud, we have a bullish tenkan-kijun cross and chikou span is above price. The nearest resistance would be at senkou span A. This resistance level is very significant because it is also the level where the lagging chikou span meets the kijun sen. This is a counter trend trade with a good risk to reward ratio. Conservative traders may wait for the current H4 candle to close, to achieve a confirmation morning star setup. However, this would lead to a less than ideal risk to reward ratio. Our long trade is confirmed by the %R.

Order cancelled:

Price did not hit our buy stop order.