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Ichimoku Cloud

EURCAD is continuously downtrending, near previous support levelComment: EURCAD Daily timeframe shows downtrend by Ichimoku. However the market is near previous support level. Ichimoku Trend Analysis: - Kumo (Senko span A) down - Kijun sen down - Chiko span below candles Next Scenario: Market is in downtrend as per above Ichimoku trend confirmation but very close to the previous support level of 1.4262 from Feb 2020. There is a potential breakout as long as Kumo and Kijun sen are down but need to watch out for a push back. To be safer, better to wait for a breakout and enter trades.
Short
by ForexKei-Official
GBPJPY continuously bullish by IchimokuComment: GBPJPY Daily timeframe is showing uptrend as per Ichimoku trend confirmation. Ichimoku Trend Analysis: - Kumo (Senko span A and B) up - Kijun sen up - Tenkan sen up - Chiko span above candles Next Scenario: Yesterday market broke the previous high level of 157.416 and showing continuous uptrend. It may retrace back to Tenkan sen as Kumo is still a bit small. And once it bounces by Tenkan sen, next target will be at 160.133.
Long
by ForexKei-Official
5
Zillow is a falling knifeOver the weekend it was reported ZILLOW PAUSES HOME PURCHASES AS SNAGS HIT TECH-POWERED FLIPPING For those not familiar with NASDAQ:Z 's recent business model they have been on a buying frenzy no doubt fueled by low interest credit to give home sellers fast cash offers on houses based on prices that Zillow determines via their machine learning algorithms. It is a bold strategy Cotton; let's see if it pays off! That buying which has been going on unabated for months with ever rising prices seems to have hit a dip. I would not call this the "top of the housing market" by any means but it is a data point we can refer back to should the future prove it to be a top. Technically speaking the chart of Zillow is not pretty. I was long Zillow on the 50% Retracement over the summer but abandoned the position as it solidly broke the level. I am content to be out as it grinds lower from a risk management perspective. This is yet another reason to not baghold. I would look for signs of reversal to perhaps get back in at a future time but right now price action on the broader trend is in no-man's land.
NASDAQ:ZShort
by norok
1
Seeing Price Fractals with IchimokuIt is always interesting to see the fractal nature of price action. It is the way that price tends to have very similar patterns on multiple timeframes. You see these repeating patterns in nature and they are expressed by mathematics in such ways as the Mandelbrot set. Over the last few weeks the AMEX:SPY has been riding along the lower edge of the Daily timeframe Ichimoku cloud. Basic Ichimoku principles use the cloud to determine the sentiment of price from bullish to bearish. However, I make sure to add one confirmation test to my analysis of Ichimoku. I look at Chikou, otherwise known as the Lagging Span or Momentum, to see which side of the cloud it is on. This very often avoids false breakouts and gives a patient assessment of the true nature of what price is doing. What may seem to be a trend reversal may only be a pullback. If Chikou does not confirm price then I assume price interacting with the cloud is just a major pullback. That the market has done a major pullback seems to now be confirmed on the Daily timeframe. The interesting repetition of this pattern happened this morning on the 5m S&P 500 futures /ES charts. See below:
CME_MINI:ES1!
by norok