The monthly chart is the maximum time frame offered and this is a long term interpretation of the market behavior. The same areas like on the weekly time frame should be considered as support and resistance for price based on Ichimoku, with the mentioning that on the monthly chart, being a higher time frame than the weekly chart, the areas should be even more powerful.
Therefore, below are the things to look for when expecting a possible bounce/rejection based on the Ichimoku elements when looking at the monthly chart:
- whenever price is touching Tenkan;
- whenever price is touching Kinjun;
- whenever Chinkou touches the cloud (ideally the base of the cloud if market is trending to the upsie or the top of the cloud if market is in a downtrend).
- whenever Chinkou is meeting the candles in front of it. The exact opening or closing price of a weeky candle should offer powerful support/resistance levels.
I would avoid trading one touch options based on the monthly time frames as one needs quite a higher expiration date as one touch options are usually recommended for ranging environment. While market do consolidate most of the time even in such a higher time frame, it is useless to look for a possible expiration date based on this time frame. However, I strongly recommend end of week and one week expiration dates binary options whenever the conditions listed above are being met.