Ichimoku Kinko Hyo trading system...!

[manoharpillai]

4xpip please make your valued comment ..... wants to know my TL work is correct...

 

[4xpipcounter]

Mano, now you're teasing me with Nifty, knowing I can't bring it up anymore--lol.

Your TL along with the cloud seems to build a strong R zone. Circa 5040 at least appears to be temporary containment.

I would also zoom down to the next TF to see the reaction of the candle once it gets close to the TL. If it is a strong candle that breaks the TL, and then I would look for a tight consolidation within the context of your posted TF, then look for an eventual break of the bottom of the cloud, and for strong containment to be at the top.

4xpip please make your valued comment ..... wants to know my TL work is correct...

 

[hawaisanjay]

_SECTION_BEGIN("Ichi new");
//=======================================================================
SetChartOptions(0,chartShowArrows|chartShowDates);
_N(Title = StrFormat("{{NAME}} - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) Vol " +WriteVal( V, 1.0 ) +" {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 )) ));
Plot( C, "Close", ParamColor("Color", colorBlack ), styleNoTitle | ParamStyle("Style") | GetPriceStyle() );
if( ParamToggle("Tooltip shows", "All Values|Only Prices" ) )
{
ToolTip=StrFormat("Open: %g\nHigh: %g\nLow: %g\nClose: %g (%.1f%%)\nVolume: "+NumToStr( V, 1 ), O, H, L, C, SelectedValue( ROC( C, 1 )));
}

SL = ( HHV( H, 20 ) + LLV( L, 20) )/2;
TL = ( HHV( H, 5 ) + LLV( L, 5 ) )/2;
DL = Ref( C, 20 );
Span1 = (( SL + TL )/2);
Span2 = (HHV( H, 40) + LLV(L, 40))/2;

Plot(SL,"SL",colorBlue,styleThick); // standard, base, or kijun-sen line
Plot(TL,"TL",colorRed,styleThick); // turning, conversion, or tenkan-sen line
Plot(DL,"",colorLightBlue,styleLine); // delayed, lagging, or chikou span
Plot(Span1,"",colorGreen,1,0,0,20); // senkou span A, kumo, or white clouds
Plot(Span2,"",colorSeaGreen,1,0,0,20); // senkou span B, kumo, or white clouds
PlotOHLC(Span1,Span2,Span1,Span2,"",IIf(Span1>Span2,8,5),styleCloud|4096,0,0,20);
_SECTION_END();

Lincon,I have changed settings to 5,20,40...now I am seeing clouds in green colour only..earlier AFL had orange and green clouds...Can you please rectify?

 

[linkon7]

try this...!

SetChartBkColor(ParamColor("Panel color ",colorBlack)); 
_SECTION_BEGIN("Ichi 3R 4"); 
SetChartOptions(0,chartShowArrows|chartShowDates); 
_N(Title = StrFormat("{{NAME}} - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) Vol " +WriteVal( V, 1.0 ) +" {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 )) ));
GraphXSpace = 10;
filt = Param("filter",0,0,20,0.1);
tu = Param("TS ",5,2,50,1); 
su = Param("KS ",20,2,100,1);
ku = Param("KUMO ",40,2,200,1);
sh = Param("CS Shift",20,10,50,1); 

ks = SL = ( HHV( H, su ) + LLV( L, su) )/2;

ts = TL = ( HHV( H, tu ) + LLV( L, tu  ))/2;
Span1 = (( SL + TL )/2);
Span2 = (HHV( H, ku) + LLV(L, ku))/2;
top = IIf(Ref(span1,-su) > Ref(span2,-su),Ref(span1,-su),Ref(span2,-su));
bot = IIf(Ref(span1,-su) < Ref(span2,-su),Ref(span1,-su),Ref(span2,-su));

Plot( Close, "", colorAqua, styleThick+styleLine+styleNoLabel,Null, Null, -sh  );

ichi_col = 
IIf(ts > ks AND ks > Ref(span2,-su)  , colorBlue,
IIf(ts < ks AND ks < Ref(span2,-su), colorCustom12,
colorGrey40));




Plot(SL,"SL",colorWhite,styleThick); // standard, base, or kijun-sen line

Plot(TL,"TL",colorCustom12,styleThick); // turning, conversion, or tenkan-sen line
Plot(Close,"price",colorGrey40,styleBar+styleThick);
Plot (Ref(span2,-su),"",colorDarkYellow,styleThick);
Plot (Ref(span1,-su),"",colorYellow,styleThick);

PlotOHLC(Span1,Span2,Span1,Span2,"",IIf(Span1>Span2,colorDarkOliveGreen,colorDarkRed),styleCloud|4096,0,0,su);


ts = tl;
ks = sl;
 


Title = EncodeColor(colorWhite)+ "Linkon " + " - " +  Name() + " - " +  EncodeColor(colorRed)+ Interval(2)+ EncodeColor(colorWhite) +
 "  - " + Date() +

"\n"+
WriteIf(Ref(H,-1) > Ref(H,-2),EncodeColor(colorBrightGreen),EncodeColor(colorRed))+"ex  "+Ref(H,-1)+WriteIf(H > Ref(H,-1),EncodeColor(colorBrightGreen),EncodeColor(colorRed))+" Hi "+H+
EncodeColor(colorYellow)+"T ="+(Ref(H,-1)+filt)+
"\n"+ 
EncodeColor(colorWhite)+"Op "+O+WriteIf(C > O, EncodeColor(colorBrightGreen),EncodeColor(colorRed))+" Cl : " +C+
EncodeColor(colorYellow)+"R = "+round(10*(H-L))/10+

"\n"+
WriteIf(Ref(L,-1) < Ref(L,-2),EncodeColor(colorRed),EncodeColor(colorBrightGreen))+"ex  "+Ref(L,-1)+WriteIf(L < Ref(L,-1),EncodeColor(colorRed),EncodeColor(colorBrightGreen))+" Lo "+L+
EncodeColor(colorYellow)+"T ="+(Ref(L,-1)-filt)+

"\n"+"\n"+

EncodeColor(colorWhite)+"\nIchi Says :"+
WriteIf(L > ts AND ts > ks AND ks > top,EncodeColor(colorBlue)+"clear UpTrend",
WriteIf(H < ts AND ts < ks AND ks < bot,EncodeColor(colorCustom12)+"clear Dntrend",
""
))+  


EncodeColor(colorCustom12) + "\nTF+1 @  " +WriteIf(C > tl, EncodeColor(colorBrightGreen),EncodeColor(colorRed))+tl+
EncodeColor(colorWhite) + " \nTF+2 @  "+WriteIf(C > sL, EncodeColor(colorBrightGreen),EncodeColor(colorRed))+sl+
EncodeColor(colorDarkYellow) +   "\nTF+3 @  " +WriteIf(C > Ref(span2,-su), EncodeColor(colorBrightGreen),EncodeColor(colorRed))+Ref(span2,-su) + 
EncodeColor(colorYellow) +" \nTD     @  "+ WriteIf(C > Ref(span1,-su), EncodeColor(colorBrightGreen),EncodeColor(colorRed))+Ref(span1,-su) +


"\n"
;

 

[hawaisanjay]

Lincon thanks for AFL...Please guide me for following scenario:
"TS is crossing KS from below...but it is below the cloud(weak signal)...but CS is breaking trendline."Is it advisable to trade such situation?

 

[linkon7]

Lincon thanks for AFL...Please guide me for following scenario:
"TS is crossing KS from below...but it is below the cloud(weak signal)...but CS is breaking trendline."Is it advisable to trade such situation?

All of us have different ways of looking at price action.

Price that is below the cloud will at some point travel above the cloud and again go below it. So just because price is below the cloud doesn't make it a weak signal. Think of it as a small stop loss - high risk reward scenario. But probability of your stop loss getting hit is higher if u don't have momentum behind you.

If the CS has broken a trend line it means the order flow is not as bearish as it was before. Sellers want higher price to start shorting and most likely reaction from this group will be near the pivot high on your CS. IF the pivot high that gave a range extension on the down side is broken, that is when we can assume a change in trend.

TS crossing the KS from below signifies a shift in momentum. Fact is, trading range for the n number (period selected for TS) of bars is higher than the trading range of the y number (period selected for KS) bars. It means a change in sentiment is taking place on the ground.

on a side note...Opportunity diminishes with confirmation. Without confirmation, we are acting before other traders get the signal on their chart and sometimes it can backfire on our face. Sometimes if gives us a scratch trade, sometimes a small looser and some times really big winners fall on our lap.

 

[sunny_cool]

Don't know how to say thanks...sometimes thanks button doesn't satisfy the feelings....
I am really proud & happy to be part of this forum...where seniors are always there to help others so honestly & generously

Hats off to all the senior members....Big salute

All of us have different ways of looking at price action.

Price that is below the cloud will at some point travel above the cloud and again go below it. So just because price is below the cloud doesn't make it a weak signal. Think of it as a small stop loss - high risk reward scenario. But probability of your stop loss getting hit is higher if u don't have momentum behind you.

If the CS has broken a trend line it means the order flow is not as bearish as it was before. Sellers want higher price to start shorting and most likely reaction from this group will be near the pivot high on your CS. IF the pivot high that gave a range extension on the down side is broken, that is when we can assume a change in trend.

TS crossing the KS from below signifies a shift in momentum. Fact is, trading range for the n number (period selected for TS) of bars is higher than the trading range of the y number (period selected for KS) bars. It means a change in sentiment is taking place on the ground.

on a side note...Opportunity diminishes with confirmation. Without confirmation, we are acting before other traders get the signal on their chart and sometimes it can backfire on our face. Sometimes if gives us a scratch trade, sometimes a small looser and some times really big winners fall on our lap.

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Hi Sunny! I no longer have access to my Reliance charts, so in the absence of them and other TF's to base any decision, I only have this chart to go by. Also, we know Linkon is top-notch in his evaluations of the ichimoku so I'm sure his additional input would be of great value.

Having said that, this is what I see based on this TF only. The tenken and kijun are following hot on the trail of the candles after it broke lose of the cloud. It tells me it should be heading higher. An initial correction should be considered before being too quick to take a position. The previous leveling of the cloud along with the TL forms a nice apex, which means it should be temporary containment. The correction should be contained by the top of the cloud and then you will probably see a continuation of the move north.

That's what I see just based on this TF. I am a multiple TF type, so I feel my hands were tied a little.

 

[hawaisanjay]

on a side note...Opportunity diminishes with confirmation. Without confirmation, we are acting before other traders get the signal on their chart and sometimes it can backfire on our face. Sometimes if gives us a scratch trade, sometimes a small looser and some times really big winners fall on our lap.

Do you mean Confirmation with other indicators and volume?

 

[vinst]

Do you mean Confirmation with other indicators and volume?

By confirmation, I took it as a TS , KS bullish crossover to occur above the cloud.

 

[hawaisanjay]

By confirmation, I took it as a TS , KS bullish crossover to occur above the cloud.

Please read my query to Lincon and his reply.I have asked him for crossover below the cloud situation.thanks.