FREE Chart of the Day Ichimoku, Candlestick and Fibonacci analysis for August 17th 2017

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Selling Today in the AUD/USD

We've seen selling today in the AUD/USD, with the sellers taking back control on a black bodied candle. Buyers were strong enough to extend the trend further to the upside but lost control and commitment by the end of the trading day to end very close to the lower 1StD Bollinger Band. The inability of the buyers to close within the upper half of the bands suggests that the sellers are perhaps still the stronger party in this market at the moment in a longer time frame.

Price action was also rejected from the minor-scale Andrews Pitchfork resistance at the first and second upper warning lines.

At the moment, in the new trading session, we are seeing perhaps a new 1st time frame down trend form with a lower high and lower low but support is coming in at the lower band at 0.78750.

The bands are looking fairly squeezed at the moment, representing a low volatility situation. We know that volatility is cyclical and will be aware that volatility may come into the market as a new trending move. We should be on the lookout for a bearish close below the lower band if the 2nd time frame down trend is going to resume in a similar strong bearish tone as two or three days ago.

Also be on the lookout for solid support at the upper Pitchfork line (green line) at approximately 0.78560.

FREE Chart of the Day Ichimoku, Candlestick and Fibonacci analysis for August 16th 2017

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Minor pullback to support for slightly overdone AUD/USD?

Following an extreme trading day with the market testing to the 3rd PP level, we don't tend to see strong follow through the next day.
We are likely to see the market either pull back or go sideways for a day, with the buyers likely to resume in a day or two.
If we do see any upside, it probably won't be of the magnitude of the extreme day.
The 1StD Bollinger Bands are looking a little wide, suggesting that the AUD/USD is a little overbought and a mean reversion wouldn't surprise.
Looking to support on any retracement at the upper band initially, at 0.7914, the middle PP level at 0.7850 or the mean (middle of the bands) at 0.7881.

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FREE Chart of the Day Ichimoku, Candlestick and Fibonacci analysis for August 15th 2017

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FREE Chart of the Day Ichimoku, Candlestick and Fibonacci analysis for August 14th 2017

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FREE MONTHLY Chart Review Ichimoku, Candlestick and Fibonacci analysis for August 1st 2017

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What is Ichimoku Kinko Hyo? 一目均衡表

The Ichimoku Kinko Hyo 一目均衡表 or 'equilibrium at a glance' chart highlights higher probability trades in Securities markets. It is relatively new to Western Technical Analysis, but it's popularity has been increasing amongst financial markets traders.

Ichimoku charts applies a series of indicators on one chart, allowing traders to assess price action in three time frames - long, medium and short. This style of analysis enables the trader to see the 'whole' picture for any particular security.

A basic understanding of the components that make up the Ichimoku chart is essential to effectively applying this trading method. The method was developed in the 1920's and released to the public in 1968 by Tokyo financial journalist, Goichi Hosoda. It is believed that he employed more than 10,000 university students to backtest the indicators which came to make up the Ichimoku trading method.

Ichimoku charts is commonly used by many Japanese trading rooms because it offers multiple assessments of price action in many time frames and suggests trades with higher or lower probability for success. Traders new to the method may be confused by the 'busy looking' Ichimoku charts but a basic understanding of the indicators reveals a method which is quite simple in it's application.

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Question: Support/Resistance Levels

Name:Nick

Subject:
Support/Resistance Levels

Message:
Hello,

I've enjoyed your videos very much. I'm curious as to what you use to set your levels. Fibs? Previous swing high/lows? Fractals? I'm a relatively new trader and see how accurate your levels are and would like to emulate.

Thanks in advance,

Nick

Response from Ichimoku.Co:

Hi Nick,

Thank you for your feedback.

My primary method for setting SandR levels is swing highs and lows.

I also use Fib levels separately for retracements and expansions but use them in a very disciplined manner where I relate first time frame swings to first time frame swings, comparing like to like.