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Ichimoku Cloud

ETH at Support... but has Ichimoku ProblemINDEX:ETHUSD has sold off from the recent high down to a critical support at 2406. This support is the 50% Retracement of the Year to Date bullish thrust and also matches with the Ichimoku Kijun Sen. The Support level is also held up by the prior highs of the December 2023 consolidation range. When analyzing this chart to make an opinion if the Support may hold I found elements of Ichimoku yielded a highly probable answer. So while this post is an analysis I would like to educate readers on an important technique when using Ichimoku. Ichimoku is best used with Multi-Timeframe Analysis. The way the indicator is drawn, using 50% Retracements, lends itself well to finding matching levels and patterns across related timeframes. Often times when a symbol is at the Kijun Sen (the 26 period line) on a higher timeframe it will match with the Kumo Cloud on the lower timeframe. The lower timeframes I found that work best for the Daily are the 4 Hour (for most things that trade 24 hours) and 2 Hour (for stocks). This allows there to be sufficient number of bars on a lower timeframe that will combine together to a fractal level up on the higher timeframe. After looking at the higher timeframe (Daily) let's now drill down to the lower 4 Hour timeframe for our answer: Down on the 4 Hour we see that price has breached the cloud and momentum (the purple line/lagging span/Chikou) has also crossed to the bearish side of the cloud. This means that on the lower timeframe price has confirmed a trend change from neutral (when it was inside the cloud) to bearish. What this tells us is that while we have identified a Support on the Daily the lower timeframe is telling us that it has been breached and no longer likely to hold. As a bonus trick to learn when using Ichimoku one can look at the direction of the Tenkan Sen and project its future location. In order for a trend to reverse the Tenkan Sen and Kijun Sen must align in a bullish or bearish configuration. (Red < Green = Bearish, Red > Green = Bullish). Presently on the Daily the TS/KS configuration is still bullish but the Tenkan Sen "turned" a few bars prior. It is now heading down to potentially cross the Kijun Sen to become bearish. So we have a lower timeframe trend change on the lower timeframe and a subtle hint on the primary timeframe that this Support which price is currently holding may in fact fail. Time will tell and I'll be watching this closely to see if it provides a good teachable moment. TL;DR: INDEX:ETHUSD at critical 2378 Support but lower timeframe suggests it will break lower.
INDEX:ETHUSDShort
by norok
1
SPY Republishing my targets for my knowledge and learningBeen experimenting with various indicators and I try to keep it simple. The hardest part for me is to find a target using Ichimoku. I try to use and relearn Fib and pitchfork My Target is 475.33 and my support is the Kijun support and you can see it clearly here which is 466.68! LFG Now to the hardest part. I think I have learnt enough but I realize that it is a continuous learning and it is never enough. If I were to have knocked the patterns outta window and if I were a guru it should show in my bank balance, no? Ironically no. This means I have to make this a habit and post regularly Please let me know what you think so that we can all grow together
AMEX:SPYLong
by trikkone
Wallgreens Long for 2024This morning I received a volatility alert on $NASDAQ:WBA. The stock had earnings today and the resulting price action was bearish down to a significant potential support level. The Trade The Weekly the Ichimoku 9-period (red line) shows that short term 50% level as it goes flat providing a Weekly entry point. The risk is that price makes another major low. In my trading toolbox I call this setup a "TS Recap." I discuss these during my Weekly Livestreams here on Tradingview. I was able to enter my position earlier this morning and price has responded favorably by the time of writing (fill before you shill). The Context Since November 30, 2023 NASDAQ:WBA has had a bullish trend off the recent major low. I call these type of moves "Impulse Moves" because they represent significant buying over a short period of time that have the potential to be the first move of a full trend reversal. I look to take them as trades (or long term positions entries) when they perform a pullback to their 50% Retracement. This is what it looks like on the Daily timeframe: If we go up to the Monthly we see that NASDAQ:WBA is doing this price action at historic, 2008 and 2000 lows. This is a significant point and worth the risk for a long with a time horizon to span 2024.
NASDAQ:WBALong
by norok
4