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Good Morning
Ichi update.
I mentioned on the 28th
"Indications are there could possibly be one more spike higher to test the weekly base cloud for resistance whilst at the same time completing a 3 wave sequence" (A,B,C)
In yesterdays daily move EUR closed higher on a long white candle which has currently pushed the weekly plot into its cloud base - (however, there are still 3 days to go to complete this candle). Please see graphic.
All elements appear to be in place except one to turn the weekly chart into a buy situation. The one element required is the Kumo break out, and that may take another 400-500 pips move higher before the sun is seen above the cloud.
The daily turned techinically bullish on the 30th March, however for medium-long term traders the weekly would need to confirm. It should be noted that Kumo formation remains in bearish hue and is nowhere near crossing over as yet. An entry based on those completed signals would have gathered a maximum of 116-180 pips in 3 days although the SL would have needed to be rather large to keep all entries in the trade .
Cheers - Sam
Last edited by samarkand; 04-04-2006 at 11:02 PM.
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