Note I don't trade Bitcoin but It's interesting how Ichimoku, even thou it was created in the 1930's still applies today. In a market where at the time would of been a lucid dream or believed to not be possible.
This analysis isn't all what Ichimoku "system/philosophy" has to offer but some basics could help you read a market better when trading your own systems.
On a side note I'm looking for traders who have a traditional Ichimoku knowledge (beyond the five lines) to connect with here.
A P wave is essentially a five wave formation, wave formations lower than four can be categorised either as I,V or N. The last four waves you have labelled are equivalent to Sasaki's 4 wave
DoubleBomb
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@simbamuchenje18, Sorry mate I'm not sure I fully follow, could you explain further. Please excuse me if I misinterpret you wrong. A "P" Wave is just a structure withing Wave theory (S,P,Y,N etc) all waves are interpreted in three stages when it comes to flow of the market.
Five waves? is this a Elliot wave reference?
Now you talk about wave formations from a counting point of view, Sasaki talks about patterns in his book that refer to equivalent values (time theory) and the wave count (Henka-B points), all are four counts but he doe's talk about ten patterns.
Never heard of the Sasaki's 4 wave, interested to hear more. Unless you're talking about Keifu - Sakata methods which yes is still a part of Ichimoku.
This is written with respect as I haven't translated all of Ichimoku books but do have Sasaki's book (translated) so I'll look over it again.
Kind Regards
LordRashe
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@DoubleBomb, thanks for your response, I really appreciate it. What I meant to say is that, don't you need atleast two bounces off the bottom and off the top in order to draw that pennant like structure that makes up the P wave?
DoubleBomb
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@simbamuchenje18, Oh? well I was completely off, haha sorry, So If you were a chart pattern trader (don't hold me to it) that would be a flag or pendant structure you described. In Ichimoku (now I'm giving up some secrets) is described as "the way of three waves" (rough translation) or what I call it "Flow theory" as this is all they speak of when describing structure of this theory.
The short version is; you have the flow of up/down - the flow of return - the flow which rises/descends. Each one is a "I" Wave and have there own set of rules and theories, all is Wave Theory.
I won't share anymore in the open forum but may in our DM chat, remind me.
LordRashe
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@DoubleBomb, thank you for clearing up things for. I think you should consider writing a book. Lol