Long GBPJPY set up with IchimokuI have always been curious of how to use Ichimoku and yesterday I watched a video on the indicator and how to trade with it. It has always looked like a jumbled up mess. I did not break down the components and analyze them just took the strategy and I will test it in my demo account before applying to my live account.
With Ichomoku, a long trade set up is indicated by three components:
1) Price close over the cloud
2) Conversion line (tangen-sen) crosses over the baseline (kijun-sen)
3) Lagging span (senkou span B) is above the cloud
Set the stop loss at the nearest swing trade before the three above events take place and take profit at 2x stop loss.
It is not my intention to educate on Ichimoku right now but to test a trade setup. If you want to see the video I watched, here is the link: www.youtube.com
DISCLOSURE: I am not actively involved in this trade however I am considering it.
WARNING: This trading idea does not constitute trading advice. The Forex markets present the ability to make money and you could lose everything. Consult your financial advisor before placing any trades.
