Setting up a trade using Ichimoku on ONT BTC Daily
Updated
Since I learn best when going through examples, here's a trade setup using notes from this article,
forexstreet.net/profiles/blogs/trading-with-the-ichimoku
Pre-flight checklist for trading w/ Ichimoku:
1. Price versus the Kumo = bearish or bullish
2. Type of territory = bearish, normal or bullish territory
3. Tenkan Kijun (TK) Cross = bearish or bullish cross
4. TK Cross signal strength = weak, neutral or strong signal
5. Chikou Span vs Price = bearish or bullish
6. Kumo Future = bearish or bullish
TL;DR
Bullish TK Cross but:
* Market sentiment is still bearish
* Weak signal strength (below Kumo)
* Bearish Chikou, below price of 26 periods ago
* Kumo Future still bearish
Hence, no trade atm.
Thoughts? Thanks
forexstreet.net/profiles/blogs/trading-with-the-ichimoku
Pre-flight checklist for trading w/ Ichimoku:
1. Price versus the Kumo = bearish or bullish
2. Type of territory = bearish, normal or bullish territory
3. Tenkan Kijun (TK) Cross = bearish or bullish cross
4. TK Cross signal strength = weak, neutral or strong signal
5. Chikou Span vs Price = bearish or bullish
6. Kumo Future = bearish or bullish
TL;DR
Bullish TK Cross but:
* Market sentiment is still bearish
* Weak signal strength (below Kumo)
* Bearish Chikou, below price of 26 periods ago
* Kumo Future still bearish
Hence, no trade atm.
Thoughts? Thanks
Comment
Adding TrendMaster, Heikin Ashi candles and Stoch Momentum Index... still bearish.Comment
Trade is on ONT ETH
Comment
Heikin Ashi candles + TrendMaster system giving a possible bullish signal if signal candle closes and confirmsHowever, still a weak signal strength on the TK Cross along with:
* Bearish Chikou
* Bearish Kumo Future
Trade closed manually
Created another idea with ONT ETH pairing,
Signal candle just printed via TrendMaster few days ago. Will backtest the system on this one :fingers_crossed:
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