Ichimoku + Price Action - My Analysis and My Trades
Hope all of you are doing well. I welcome all of you to my fresh article.
This week, I have decided to carry an analysis of 5 currency pairs based on my favorite analytical tool i.e: Ichimoku + price action.
I did an analysis based on Ichomoku + price action in the last week of January and happy to note that all the targets for all the pairs got achieved - Ichimoku exclusive - my analysis of 4 majors.
This time I have decided
to take the following pairs for my analysis.
As I mentioned in my previous article, I make use of step-down approach on multiple timeframes. I mean, I start analyzing from monthly chart and scale down till 4 hour timeframe to take trading decisions. I believe that the price in lower timeframes always follows the price in higher timeframes.
I will write separately on multiple time frames and also on single bar breakout failures in the coming weeks. From my experience I can state that price action coupled with Ichi signals can produce big trades quite often since the support and resistance levels provided by ichi work quite accurately.
Indicators used: Ichimoku, Stochastic
Decision base: Support and resistance from Tenken, Kinjun and the cloud coupled with price action.
I have read some fellow members stating that the authors of articles describing several strategies here, do not apply the techniques themselves in their own trading. Hence it becomes my obligation to show that the strategies I describe here work in real time and even I do take plenty of profit from them. To do that I have put a screenshot of my trading from the trading contest Based on this strategy, at the end of this article.
Commentaries for each time frame has been put on the respective charts.
Timeframe to achieve the targets is 3 -4 weeks.
Wish you all a great week ahead.