FDAX: Ichimoku clouds
04 January 2018, 16:33| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 13175.0 |
| Take Profit | 13265.6 |
| Stop Loss | 13045.0 |
| Key Levels | 13107.5, 13108.4, 13176.9, 13293.8 |
Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is going to reverse from descending to ascending. The instrument is trading around upper border of the cloud. Borders of the cloud serve as the closest support (13108.4) and resistance (13176.9) levels
On the daily chart Tenkan-sen line has crossed Kijun-sen from above, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span has crossed the price chart from below, current cloud is descending. The instrument has broken through the cloud and is still rising. The closest support level is the upper border of the cloud (13107.5). One of the previous maximums of Chikou Span line is expected to be a resistance level (13293.8).
On the four-hour chart the instrument is trading within the cloud. On the daily chart the instrument has broken through the cloud, forming a strong signal to buy. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (13265.6) line and Stop Loss at the level of Kijun-sen line (13045.0).
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