This chart is a daily time frame, which is why i want to quickly point out that on the weekly chart the kijun is crossed over on top of the tenkan. Meaning that on the weekly chart it has given a weak cross over to the down side ( conformation for this is if price closes below the cloud on the weekly)
I want to mention that because on the daily chart there is a conformed kumo break, a pull back to the 50% fib is lined up with the tenkan. If price can get a bounce off of the kumo on today's price level ( or wait until tomorrows kumo price if it hasnt) and price can reach its extension which will put it past the high of 1212.50 that was printed on 3/4/14.
If price can reach or start to print higher highs and gain some momentum, i suspect that on the weekly chart that the ichimoku cloud will proceed with a strong tk cross.
remember this is a daily chart that has the fib.
Comments
lawcch
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Higher timeframe signal always slower than faster time frame. So we still not sure the timing for the trend reversal after the candle or price bar goes into the cloud. Which signal to us for no action or no trade is taken. Because it was in consolidation stage and I also used the Squeeze indicator to confirm the consolidation. I will take this trade after the candles came out from the cloud depending which direction it goes. Or we wait for the bounce or reaction of the price action on cloud Span A
TraderSystematic
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Yes, you may Ichmoku system for fast analysis the chat an stock, or apply different strategy and entry and exit signals, I like it very much
tradingformoney
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I see that you do use the ichimoku cloud! in my opinion the concepts are very easy to grasp leading to where you dont get confused.
tradingformoney
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Right it did on the weekly but it gave a tk cross to the down side ( the tenkan crosses below the kijun, indicating a possible kumo break to the down side), im suggesting if the market can go higher if this retracement plays out, and the time of the extension, that it could lead into the weekly giving the tenkan to cross above the kijun.
I wish that we could post videos to be able to go more into detail.
TraderSystematic
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In RUT-X the T/K cross happened 4 days ago in weekly chart. But you are absolutely right that now it is T line is below K line in weekly chart.
But in daily as you mentioned Kumo twist is signal to buy, just wait for the very green candle to close above previous day.