The US markets have gone down in the couple of days and down more on Friday night. We sent out an email titled “Market Update: Do Not Panic” to our subscribers.
It can also be applied in any markets. Everything on the monthly chart is bullish. The red line is flat now so this downward movement is a minor pull back. Below is the chart:
The weekly chart is above the cloud and abobe the kijun sen (green line). Therefore, it is bullish too. It has also tested the minor weekly support and has not break below this support yet. If it breaks below this support, it can go to the kijun sen (green line). Notice, the weekly green line support matches the monthly support too! This is a multiple time frame support indicating this support is very strong. Here is the weekly chart:
Traders should be looking at the weekly and monthly charts for stocks that were bullish and now pulling down to a weekly/monthly support.
Our upcoming course (Ichimoku Foundation Trading System & Options Trading) in Singapore will be on 11 & 12 October 2014 covers these information and how to use them with Ichimoku in greater details. If you would like to learn how to trade like an institutional trader or learn more about our multi-timeframe email alerts, go to www.ichimokutrade.com or email us at info@eiicapital.com or glian@eiicapital.com
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