IAmSatoshi
Long

Weather Report for the 12H

BITFINEX:BTCUSD   Bitcoin / Dollar
300 5 5
This is a 12H Bitfinex chart showing a potential reversal of bearish momentum with a weak Bullish TK             cross under the cloud. We have had several Bullish TK             crosses under the cloud since August 2014 with only one materializing into strong bull momentum (buy signal) above the cloud. Also of note, we seem to have firmly rejected the Kijun resistance around $232 and continue upward.

Price will either smash through the impending cloud resistance or continue to break down. As price gets closer to the cloud, the higher the probability we break up and continue with bull momentum. Each ledge of the cloud can be seen as a level of resistance with longer ledges representing greater areas of resistance, while at the same time representing a strong "magnet" for price to touch/test. I like to think of this as "qualifying" the fib levels.

For those who aren't acquainted with the cloud:
Blue Line = Tenken- Sen (T)
Red Line = Kijun-Sen (K)
Yellow Line = Chikou Span

A Bullish TK             Cross = Blue Over Red
A Bearish TK             Cross = Red Over Blue

A Bullish TK             Cross Above the Cloud = Strong Buy Signal
A Bearish TK             Cross Below the Cloud = Strong Sell Signal
A Bullish TK             Cross Below the Cloud = Close Your Short Signal
A Bearish TK             Cross Above the Cloud = Close Your Long Signal

Buy Signal Checklist
Price Above Cloud
Bullish TK             Cross
Chikou Span Above Price (Above Cloud is a Bonus)
Close Position When TK             Crosses Bearish

Sell Signal Checklist
Price Below Cloud
Bearish TK             Cross
Chikou Span Below Price (Below Cloud is a Bonus)
Close Position When TK             Crosses Bullish


ChaosTrader's Ichi intro vid http://youtu.be/Y9QM8WRRWzE
Rob Booker Ichi Strategy https://www.youtube.com/watch?v=hGrxL5U7YaY
Rationalization for 10/30/60/30 ichi settings on Bitcoin
Chart - Optimisation of Ichimoku for Bitcoin
"weak" :)
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so based on this logic...if we blast above $305...that would qualify as a 'strong buy signal'?

breaking above $315 would breakthrough the long term bear trend from bubble top.
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IAmSatoshi kenzboard
Here's an update
snapshot

Based on the Bullish Checklist, yes, a long entry would be signaled here. Not saying thats a good decision but thats what the 12h says. Mind you, we have had an insane bull run.
+1 Reply
kenzboard PRO IAmSatoshi
It's tempting...but part of me wonders if we are near top here. We've nearly doubled from recent bottom so it's more risky especially considering the most recent candle is so tall. Seems a bit unstable...but perhaps I'm being conservative here. I bought in @ 194 when I saw bullish divergence setting up on the 1 day chart. Speaking of which...what timeframe do you prefer best for major trend reversals and regular trading? In addition, from the Rob Booker vid...he uses Ichi cloud settings of 18, 52, 104, 26. What settings do you think are optimal?

-Thanks a ton for the useful posts.
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IAmSatoshi kenzboard
For ichi settings use 10 30 60 30

Rationalization for 10/30/60/30 ichi settings on Bitcoin
Chart - Optimisation of Ichimoku for Bitcoin


Time frame wise it depends on your purpose. Scalping? I use 3/5/15 but stick to 3/5. For longer outlooks I love the 15/30. Very powerful.

In this bull run we just had, looking at higher timeframes for resistance is super helpful. As you can see, the 12h gave precision resistance on the cloud, which we failed to break.
+2 Reply
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