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  1. #16
    Guru peat's Avatar
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    some easy points already for those game to long
    i get good entries from ichimoku but its poor at exiting a trade without giving large chunks back.
    For clarity, nothing I say is advice....

  2. #17
    Guru peat's Avatar
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    tenkan/kijun crossover did happen yesterday when price was above cloud which is a strong buy signal
    which it countered with a weak sell signal as they recrossed but has seemed to find some support on the cloud and looking like it might give bulls some fun tonight
    Last edited by peat; 08-07-2010 at 12:47 AM.
    For clarity, nothing I say is advice....

  3. #18
    Guru peat's Avatar
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    40 odd points since I re-opened this thread with a bullish question and then confirmation
    overnight we had to wait for consolidation of the gains as shown by chiku (black) steadily drawing closer to price and then finding early support from it
    the only warning would be divergence on the RSI (not shown) and some slowing of momentum although that picked up at the end of the(ir) day.
    For clarity, nothing I say is advice....

  4. #19
    Guru peat's Avatar
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    over 60 points now
    could meet some resistance from the daily kumo tonight. lower senkou span currently at about 1097.
    For clarity, nothing I say is advice....

  5. #20
    Guru peat's Avatar
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    we hit the (daily) cloud for our first serious resistance but the flatline top of the cloud at 1127 is acting as a powerful attractor

    on the hourly although we've seen the tenkan cross its only a weak sell signal above the cloud so we're still likely to see cloud support
    Last edited by peat; 15-07-2010 at 07:04 AM.
    For clarity, nothing I say is advice....

  6. #21
    Guru peat's Avatar
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    doesnt look like cloud support is holding... not a night to be long anymore.
    may find support at 1085 but if not its good night nurse.
    For clarity, nothing I say is advice....

  7. #22
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    there was some support at the lower edge of the cloud but now we're over the thin part of it and breaking to the downside for another test...
    For clarity, nothing I say is advice....

  8. #23
    Guru peat's Avatar
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    Indeed once we broke through this time there was a significant move.
    There are a number of ways to trade using the ichimoku cloud http://www.kumotrader.com/ichimoku_w...ing_strategies
    but as you can see from this zoom out trading primarily in the direction of price relative to the cloud on the hourly ichimoku is capturing the meat of the moves with only minimal chop.
    I have my personal bias re direction but theres a time to add and a time to reduce. Price above or below cloud is telling me when.
    For clarity, nothing I say is advice....

  9. #24
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    Default IchiMoku Weely view

    In response to the most recent comments on the SP500 thread here is the ichimoku view on the weekly time frame

    The tenkan has crossed kijun a few weeks ago (blue line under red line). This is issuing a weak sell signal. Chiku (black line based on todays price set back 26 periods) has broken through price confirming that sell signal.
    But price is still on the upper edge of the cloud and so finding support from it. Also - not Ichi - note RSI divergence over the last couple of months

    So we are not in all out bear territory yet according to Ichi but the further we move into the cloud (the area of indecision and unpredictability) the more we are breaking the trend and counteracting the bullish phase from May last year when we had a weak buy signal which was later confirmed in Sept when price broke through the cloud to the upside.

    In some way depending how you want to work with Ichi it is saying if you have the balls to believe in the uptrends continuation then now is a good time to buy but its also warning of the distinct possibility of that trend being broken.

    Never any easy answers eh? ;+)

    I think if we go any deeper into the cloud over the next couple of weeks we will probably end up hitting the flatline lower edge of the cloud currently at 908. If we break through that then its armegeddon
    So as others are saying in the other thread there is still a case for longs on the weekly time frame but that case is currently being asked the hard questions as to its continuation.
    For clarity, nothing I say is advice....

  10. #25
    Guru peat's Avatar
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    so maybe the weekly bull situation still holds ?

    on the hourly shown here we ran the bearish cause for a couple of days with a weak buy signal at the start of the 20th and then only a few hours later this was countermanded with a supposedly strong sell signal (tho this only gave a max of 10 points).

    3 hammers last night indicated levels of support around the 1055 level (well done a77) and then a bullish engulfing confirmed a strong rally that didnt stop at any of the cloud barriers but zoomed its way right through to the bullish side of the cloud and in doing so tenkan crossed kijun within in the cloud issuing a medium strength buy signal.
    For clarity, nothing I say is advice....

  11. #26
    Guru peat's Avatar
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    the hourly didnt give much from that medium strength buy signal , same as the previous sell signal only a max of 5 points was offered before turning to test ones resolution. Right now - see pic - we're right on the cusp of being reversed again. There is no actual tenkan cross yet and price is sitting on the edge of the lower cloud - make or break for any long positions established on the medium buy signal - pretty much jerkin us round as trending indicators are wont to do.

    update a few hours later :
    due to ichi being time and price based even though price hasnt changed much tenkan has now crossed and price below cloud.... so that means the downward trend has resumed.
    Last edited by peat; 22-07-2010 at 11:35 AM.
    For clarity, nothing I say is advice....

  12. #27
    Senior Member ananda77's Avatar
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    ...and the Bull/Bear conflict continues

    David Rosenberg: The Meat Grinder Market
    Last edited by ananda77; 22-07-2010 at 05:13 PM.

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