in daily and 4HT the trend is bullish and actually in 52 week high. but seemes 52 week high is acting as resitance and ema 200 as dynamic support line.
we need to wait till price with break the resistance or even coming back down which both is possible.
by considering ichimoku cloud we give same signal.
so as final point i need to see what will happen in...
the overall trend is bullish which is very clear on daily and 4HT so only long position is acceptable.
by considering trend line it is clear the price several time tried to breakout fore way resistance.
long position is recommended only after retest the resistance level.
just talking about iichimoku base
skip from how this japanese indicator will calculate and focusing on how we can use this powerful indicator
1- let to consider base line
(BL) and convention line(CL) are EMA, BL is fast and CL is slow. so all the rules of EMA's are applicable for these lines also.
2- lagging line (LL) is a line chart just 26 candle...
as its clear 2 time the price rejected by trend line and also 100% level of fibinachi. the is 2 possibility, first you can wait for the next bearish candle or you can start now becasue actully the confirmation candle is there.
up to you
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