Ichimoku wave projection
Updated
Ichimoku 'Wave' forming a nice trade entry into a long position. Due to the sharpness of the wave I have added all wave projected calculations as some Ichimoku traders may see this as a 'V' wave set-up all the way to a 'E' wave.
How I trade this set-up
Aggressive - Enter now and place your stop on the 'C' leg (110.585).
Conservative - Await for price to break the 'B' leg (111.050) and set your stop on the 'C' Leg (110.585). If price drops below 'C' leg trade becomes invalid.
When price hits a projected wave target look at price action and see how price is re-acting to that level. The five lines of Ichimoku will help.
Any conversation around this Ichimoku set-up is greatly welcomed. Please note there is no time frame as to when price hit's these levels, my last trade, which I kept on the chart (Bullish A,B,C wave) took three days to hit my target.
How I trade this set-up
Aggressive - Enter now and place your stop on the 'C' leg (110.585).
Conservative - Await for price to break the 'B' leg (111.050) and set your stop on the 'C' Leg (110.585). If price drops below 'C' leg trade becomes invalid.
When price hits a projected wave target look at price action and see how price is re-acting to that level. The five lines of Ichimoku will help.
Any conversation around this Ichimoku set-up is greatly welcomed. Please note there is no time frame as to when price hit's these levels, my last trade, which I kept on the chart (Bullish A,B,C wave) took three days to hit my target.
Note
Price has retracted back (110.623) to last area of defense (kumo). Possible trade set-up close to becoming invalid. For trade to become valid, price needs to break 'B' wave. Of note this trade set-up, it would be wise to trade conservative.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.