4-hour timeframe
The overview:
As we see, the sideways movement has been continuing for few days. For now, we can ignore easily the signals formed by Ishimoku, as they are mainly false within flat. Despite that the price slightly increased and Bollinger bands started to diverge, the price did not go beyond Ishimoku cloud, which also testifies to flat continuation. Therefore, before trading it is recommended to wait for the price leaving Ishimoku indicator and Bollinger bands diverging. Bollinger bands show sideways motion – the bands do not diverge and are directed sideways indicating further sideways movement. MACD is moving down pointing out current downward movement.
Trading recommendations:
In these circumstances, it is advisable to wait until the price leaves Ishimoku. As Ishimoku gives purchase signals, in case of the price fixing above Ishimoku indicator, the target will be at 1.4794.
The chart annotation:
Ishimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with the white bars in the indicators window.