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 youtu.be/Y9QM8WRRWzE
Rob Booker Ichi Strategy www.youtube.com/watch?v=hGrxL5U7...
Rationalization for 10/30/60/30 ichi settings on Bitcoin
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 youtu.be/Y9QM8WRRWzE
Rob Booker Ichi Strategy www.youtube.com/watch?v=hGrxL5U7...
Rationalization for 10/30/60/30 ichi settings on Bitcoin
