Multiple timeframe analysis using Ichimoku indicates that the price is entering a long trade. Placed my order too quick instead of waiting for the candle to close for a clear picture. Risk/reward is 2:1, not the best but looking to extend it if Ichimoku agrees.
My conclusion came from the fact that the buyer is exhausted as seen the continued LH, the Ichimoku indicator also suggests a downtrend. Placed my order as shown in the chart. Looking for a 3:1 risk reward down to the ignition zone which I believe is an important Support/resist level.
Assuming there's Hargopian rule on this reversal, I am looking for the price to hit roughly around EMA200 + Median Line to see where it will go next. Kept my Stop loss just beneath Pivot, Also with the RSX and Stochastic, both are indicating a shift in vector.
Went for Long on this, confirmation by multiple failed attempts to cross over the rejection of both Pitchfork and support line, while also the Kijun-sen has been lagging behind only puts the cherry on top.