Some of my forecasts
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Ichimoku XX-chinkou
The chikou is used more as an alert more than a confluence, but when it confluentially matches other indicators, it then becomes one of the best confluences in the business. There is nothing better than live price action to demonstrate this, along with conveying my intentions of what I see with the chart.
First, let's break it down to the complete state of the ichimoku and the usage of the different TF's to show why this TFis being posted, and why it has much to do with what you should be along order within the next 24 hours.
The hourly is already long gone, it broke lose of the top of the cloud, the chinkou is flying high above the candles, and there is plenty of room for a correction. The daily has done nothing more than pop its head above the tenken and has a clear shot at the kijun at 1.2910. We are also aware that ichimoku rules state that after price action has been in a certain state of affairs, then it is time for a return to equilibrium. That could suggest the hourly is not only correction but could be in for a complete trend reversal. Even though the daily suggests we are headed to 1.2910, we must look for additional confirmation. Thus, we bring on a fresh and dominant 4-hour chart:
The white horizontal line is what I drew. It shows the point the chinkou broke on the other side of the candle. That shows that happened at the same point of the candle entering the cloud while crossing both the tenken and kijun. The trend is fresh, so the tenken at 1.2770 is going to be solid support, while the kijun acts as a solid SL for the entry. I'm preparing to enter the long before th e1.2770 is hit.
The next thing to consider is the chinkou will probably have to stay above the candles for awhile, so the recent peak at 1.2877 will have to be broken, which also means we get a cloud break. The tenken and kijun should be catching up after the correction, and so it should mean a fresh ichimoku UP with the support of the top of the cloud and the tenken and kijun, which would then put the 1.2910 on the radar, and most likely, much higher.
This all shows how important the chinkou is and the usage of the different TF's.
I'm nearing the end of the series on the ichimoku. I'd love to hear comments, questions, and even disagreements. This could fuel maybe a few more ichi insertions before I close off the series. There is so much I could say, but much is done on inspiration.
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The chikou is used more as an alert more than a confluence, but when it confluentially matches other indicators, it then becomes one of the best confluences in the business. There is nothing better than live price action to demonstrate this, along with conveying my intentions of what I see with the chart.
First, let's break it down to the complete state of the ichimoku and the usage of the different TF's to show why this TFis being posted, and why it has much to do with what you should be along order within the next 24 hours.
The hourly is already long gone, it broke lose of the top of the cloud, the chinkou is flying high above the candles, and there is plenty of room for a correction. The daily has done nothing more than pop its head above the tenken and has a clear shot at the kijun at 1.2910. We are also aware that ichimoku rules state that after price action has been in a certain state of affairs, then it is time for a return to equilibrium. That could suggest the hourly is not only correction but could be in for a complete trend reversal. Even though the daily suggests we are headed to 1.2910, we must look for additional confirmation. Thus, we bring on a fresh and dominant 4-hour chart:
The white horizontal line is what I drew. It shows the point the chinkou broke on the other side of the candle. That shows that happened at the same point of the candle entering the cloud while crossing both the tenken and kijun. The trend is fresh, so the tenken at 1.2770 is going to be solid support, while the kijun acts as a solid SL for the entry. I'm preparing to enter the long before th e1.2770 is hit.
The next thing to consider is the chinkou will probably have to stay above the candles for awhile, so the recent peak at 1.2877 will have to be broken, which also means we get a cloud break. The tenken and kijun should be catching up after the correction, and so it should mean a fresh ichimoku UP with the support of the top of the cloud and the tenken and kijun, which would then put the 1.2910 on the radar, and most likely, much higher.
This all shows how important the chinkou is and the usage of the different TF's.
I'm nearing the end of the series on the ichimoku. I'd love to hear comments, questions, and even disagreements. This could fuel maybe a few more ichi insertions before I close off the series. There is so much I could say, but much is done on inspiration.
adult image hosting
Re: GMR Infra
T4J, it does not matter where the chinkou is with regards to the cloud, only price action.
Additional correction is still forthcoming. In an ironic sense, and as mentioned before your RSI helped to give it away. Still look for the correction to continue to the tenken, and even where I drew the support line.
You will notice many times the chinkou will stop around a key S or R such as what it did at the bottom of the cloud. That is really current price action acknowledging the cloud, as it happened in the past.
T4J, it does not matter where the chinkou is with regards to the cloud, only price action.
Additional correction is still forthcoming. In an ironic sense, and as mentioned before your RSI helped to give it away. Still look for the correction to continue to the tenken, and even where I drew the support line.
You will notice many times the chinkou will stop around a key S or R such as what it did at the bottom of the cloud. That is really current price action acknowledging the cloud, as it happened in the past.
So correction continues.
Chinkou is now inside cloud.
2 supports here
* Tenken
* Cloud support
Any other objservation ?
Chinkou is now inside cloud.
2 supports here
* Tenken
* Cloud support
Any other objservation ?
Once again, your RSI gave it way. It's OB, we had the strong move after it wa OB, and it has been there for at least 5 candles. The RSI needs to give out.
Yes, that was an ideal R for price action. From all signs of things, it is only a correction that is due in order for the market to get back to its state of equilibrium. Watch for support at the tenken. If it makes it back to the top of the cloud, things get sloppy, because the kijun has risen above it as the cloud projects into the future.
Yes, that was an ideal R for price action. From all signs of things, it is only a correction that is due in order for the market to get back to its state of equilibrium. Watch for support at the tenken. If it makes it back to the top of the cloud, things get sloppy, because the kijun has risen above it as the cloud projects into the future.
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