We are as "far away from the cloud" as you want it to be. Other periods on Ichimoku and we are completely somewhere else...
But I agree that it is a very important key are here.
_TM3K_
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Chart was posted after reversal was confirmed, meaning we would eventually test the cloud again. Has nothing to do with "how i wanted it to be"
ChartArt
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Do you know the meaning of the periods of the Ichimoku indicator? That is why I said "how you want it to be"
_TM3K_
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The meaning of the periods? Not sure what you mean by that.
ChartArt
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Yes, the meaning of the periods. Why are they 52 and 26 ?
_TM3K_
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Just different settings I was playing around with at the time.
ChartArt
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These are the default periods of this indicator :)
_TM3K_
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Ah i thought this was a different chart. I was experimenting with periods 18, 52, 108. But yes It is support and resistance lines from the current time period plotted 26 periods in the future
_TM3K_
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and not sure about 52
ChartArt
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Ichimoku makes only sense on a weekly chart, where 52 periods is 52 weeks (one year) and 26 periods is 26 weeks (a half year). I strongly believe this is why the Japanese inventor has defined 52 and 26 as default periods. And why it makes no sense to use it on a daily chart, because on a daily chart it is to me in the area of "how you want it to be". Because 52 days and 26 days are nothing which makes any sense. Compared to the obvious 1 year and 1/2 year cycles.
But I agree that it is a very important key are here.