Hi Manesh
I have been following Ichimoku for a little while and find it fascinating. I was wondering if you had any thoughts on GBP/CHF. I went short on it recently but am a bit concerned that there is a conflict on weekly and daily charts. Your feed back would be much appreciated.
Regards
Green Trader
While You wait for Manesh to reply. I'd like to offer a view.
The weekly, daily are still downward. Even the 4 hr chart is still downward as the cloud hasn't been broken.
However, If you look at the weekly chart. Price has hit the lowest low for the second time since at least 1976 (I can't get any chart to go back any further than that). The first time it made the low was in Dec 2008. 1.50936 was the line drawn in concrete. Price action bounced off of that and headed north. So the correct action, (ain't hindsight lovely), was to go long at the 1.50936 level, which no indicators, ichimoku included could have predicted. Just pure price action and a firm previous support level.
As good as Ichimoku is. It is not the be all and end all of trading. There are many other factors to consider.
Gbp/Chf is not one of the pairs I trade, and I can't recall if there were any 'outside' influences at work at this level to give support at this point.
To conclude the ichimoku is saying down and P.A. is saying bounce up.
