Here we have the ingredients for a potential Chikou span/Kumo top bounce.
See notes on chart:
Note the two white arrows on this chart. One at the Chikou/Kumo boundary, the other on the oversold condition.
The green horizontal lines are a boxed area where we see a potential entry price and subsequent stop-loss. The red horizontal line is previous resistance from a Kumo top.
1. Chikou-span at support on previous Kumo.
2. Price at support on previous Kumo.
3. Future Kumo is
4. Oscillator ( (5,3)) currently oversold.
5. Chikou has some room to run
6. Established uptrend (pullback/trend continuation)
7. Trade is in direction of previous T/K cross
In summary, we have an oversold condition developing in an uptrend at support.
Potential entry price 112.422 could be updated later as conditions change
Potential stop-loss 111.483 could be updated later as conditions change
Take profit level #1 114.039 (highest previous close of the potential 'N' wave)
Take profit level #2 114.999 (Just below round number and at the .618 extension of wave)
Risk #1) .939 #2(.939)
Reward #1) 1.618 #2(2.577)
Ratio #1) 1:1.712 #2(2.74)
as always, trade responsibly and this does not constitute investment advice, but my own ideas and how I trade. I am not responsible for your losses nor entitled to your gains.
Thanks for the kind words. Sure lift away, use the Ichimoku as you desire. As for the Shiroki pro4, that is just a modified Williams %R.