Education

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

Note

Adding TrendMaster, Heikin Ashi candles and Stoch Momentum Index... still bearish.

Note

Trade is on ONT ETH

Potential bullish Kumo breakout ONT ETH 1D

Note

Heikin Ashi candles + TrendMaster system giving a possible bullish signal if signal candle closes and confirms

However, 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:

cryptotaku

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