Today on the daily chart of the gbp/jpy, the ichimoku cloud gave a medium strength cross over to the upside,
However the cloud is on the verge to flip, meaning as of right now senkou span a is on the bottom of the cloud. Once senkou span a flips to the topside of the cloud that helps determine the strength of the cloud.
Next price either needs to break above the black trendline of the pivot highs, but i personally would like to see if the market can close of above the green dotted horizontal line place at the swing high that was printed on 1-2-14.
As of right now we are in a corrective consolidated market, which hopefully will bring a impulsive move (leg or wave) for the upside.
On the weekly chart , it looks to be that a pennant has formed. If you notice on the weekly chart how there has been a long term trend and now we are in consolidation in this trend i always look for where i can get into the market. If i missed the trend on the weekly chart. I will then scale down to the daily chart, an look for an entry point.
I do not take trades or scale into smaller time frames. Im not a fan of doing that, its just my personal preference. Due to mainly time consuming.
Over the month of June wait to see if price can break out of some key levels.
However the cloud is on the verge to flip, meaning as of right now senkou span a is on the bottom of the cloud. Once senkou span a flips to the topside of the cloud that helps determine the strength of the cloud.
Next price either needs to break above the black trendline of the pivot highs, but i personally would like to see if the market can close of above the green dotted horizontal line place at the swing high that was printed on 1-2-14.
As of right now we are in a corrective consolidated market, which hopefully will bring a impulsive move (leg or wave) for the upside.
On the weekly chart , it looks to be that a pennant has formed. If you notice on the weekly chart how there has been a long term trend and now we are in consolidation in this trend i always look for where i can get into the market. If i missed the trend on the weekly chart. I will then scale down to the daily chart, an look for an entry point.
I do not take trades or scale into smaller time frames. Im not a fan of doing that, its just my personal preference. Due to mainly time consuming.
Over the month of June wait to see if price can break out of some key levels.