EUR/USD and the monthly ichi
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As per request:
There's a lot to say about this. I will to specifically address Jagankris' request in the PM, but try not and leave the rest of you in the dark.
There is an initial hit on the top of the monthly cloud, which means it is acting as strong R. I know in my previous posts I mentioned that we would be headed to the top of the cloud at 1.4189, which is the circuit area of where we are now. That was also my entry for the short. As a standalone, this is an excellent indication of a reversal for the pair. With the monthly, the one thing to remember is there is more room for a spike, but it is expected that the month will finish inside the cloud. The monthly is also showing that the cloud projected into the future, we are headed to 1.3490. The kijun is 1.3510. This is where using one TF gets dangerous, and why I discourage it, and so I use multiple TF's in making trading decisions. After all, price action could get consolidative inside the cloud, and then approach the cloud again, and then take it out
Now, let's get into my forecast, and why I believe the EUR/USD is in for a sharp drop. This is the point I cannot use the ichimoku as an exclusive indicator. This is a definite point where other TF's come into play, as well as the holism of my methodology comes into play, and why I designed it the way I did, and why I can boldly say the EUR/USD is in for a sharp reversal (Notice that by comparison to most places on the internet, my calls are live and before they happen.).
1. The 4-hour, daily, and weekly charts are OB and the stochastics are ready to cross (4-hour already did). The monthly is not showing any indication along those lines, therefore, it could be assumed by looking at the monthly that the top of the cloud could eventually be taken out, and we could go to the moon.
2. Someone said not to include my S&R's. I have to! My YR1 is 1.4126. That alone tells me we are at least due for. to make a long story short for now, that alone tells me we are going to get a move to 1.3810.
3. That previous level matches up nicely with the weekly tenken and the daily kijun.
4. Notice the TL it is bumping into. That is drawn from the monthly. That is the equivalent of a time bomb.
5. We combine that with the horizontal R line that was drawn from the weekly as a chart R.
6. Candlestick formation lovers will like what they see. It is a very clear H&S formation. I'm not a candlestick person, but that would indicate solid support and a move to circa .8650 (No typo.).
7. Getting back to the cloud, in the future, the cloud is bearish and shows the level into the future at 1.3260. Looking at the past, the cloud shows the last time it leveled was at 1.1115.
8. Getting back to the candlestick lovers, a doji is about to form on the daily. A doji combined with a strong move north warns of a reversal.
Uploaded with ImageShack.us
As per request:
There's a lot to say about this. I will to specifically address Jagankris' request in the PM, but try not and leave the rest of you in the dark.
There is an initial hit on the top of the monthly cloud, which means it is acting as strong R. I know in my previous posts I mentioned that we would be headed to the top of the cloud at 1.4189, which is the circuit area of where we are now. That was also my entry for the short. As a standalone, this is an excellent indication of a reversal for the pair. With the monthly, the one thing to remember is there is more room for a spike, but it is expected that the month will finish inside the cloud. The monthly is also showing that the cloud projected into the future, we are headed to 1.3490. The kijun is 1.3510. This is where using one TF gets dangerous, and why I discourage it, and so I use multiple TF's in making trading decisions. After all, price action could get consolidative inside the cloud, and then approach the cloud again, and then take it out
Now, let's get into my forecast, and why I believe the EUR/USD is in for a sharp drop. This is the point I cannot use the ichimoku as an exclusive indicator. This is a definite point where other TF's come into play, as well as the holism of my methodology comes into play, and why I designed it the way I did, and why I can boldly say the EUR/USD is in for a sharp reversal (Notice that by comparison to most places on the internet, my calls are live and before they happen.).
1. The 4-hour, daily, and weekly charts are OB and the stochastics are ready to cross (4-hour already did). The monthly is not showing any indication along those lines, therefore, it could be assumed by looking at the monthly that the top of the cloud could eventually be taken out, and we could go to the moon.
2. Someone said not to include my S&R's. I have to! My YR1 is 1.4126. That alone tells me we are at least due for. to make a long story short for now, that alone tells me we are going to get a move to 1.3810.
3. That previous level matches up nicely with the weekly tenken and the daily kijun.
4. Notice the TL it is bumping into. That is drawn from the monthly. That is the equivalent of a time bomb.
5. We combine that with the horizontal R line that was drawn from the weekly as a chart R.
6. Candlestick formation lovers will like what they see. It is a very clear H&S formation. I'm not a candlestick person, but that would indicate solid support and a move to circa .8650 (No typo.).
7. Getting back to the cloud, in the future, the cloud is bearish and shows the level into the future at 1.3260. Looking at the past, the cloud shows the last time it leveled was at 1.1115.
8. Getting back to the candlestick lovers, a doji is about to form on the daily. A doji combined with a strong move north warns of a reversal.
