Now that the battle in the cloud is over and the Bulls seem to be hiding, we must see how far the Bears will take their advancement.
I have added two waves, Ichimoku 'E' and Ichimoku 'V'.
The Ichimoku pattern I have drawn matches a 'V' pattern more then a 'E' pattern; however; the 1Hr chart appears to me to still be in a range and not showing a clear healthy trend so you'll need to look at how price re-acts around these Ichimoku wave support levels.
Aggressive = Enter a trade now and place a stop at the 'N' wave line. Conservative = Waiting for a clear retracement and re-calculate a new Ichimoku wave.
Trade closed: target reached
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What a roller coaster of fighting going on with Bears and Bulls, a nice ambush from the Bulls at the 'V' wave price target.
With 118 pips for those who got in at the 'N' wave break.
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Just thought i'd share the power of Ichimoku waves. I wasn't trading at the time, but it's interesting to see how the market retracted after hitting the 'V' wave target then returned breaking the 'V' and continued to the 'E' wave target. (watch how price action reacted at that level).
As this trading set-up has rules, you can see why my conservative approach has the stop on the 'C' leg, as the trade will remain valid until either the target or stop is reached.
If were in this trade and your target was the 'E' wave (set and forget), you would be happy with a nice 200+ pips.
Hi there,
Great work. I was wondering if you have a website that explains how the Ichimoku wave projections tool is used in trading. I would really like to learn more about it.
DoubleBomb
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@m900005, I don't (maybe I should) but I don't mind helping people through private chat if they have questions or need some mentoring (don't worry, i don't charge, haha). The above is quite old, Ichimoku goes even deeper then the above.
m900005
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@DoubleBomb, Thanks for the reply. I know this post is old but I came across it through searching in google. There is few platforms that have the Ichimoku wave projections tool ( or sometimes called hosoda wave projections). I looked everywhere for videos in youtube or websites with no luck. The tool seems straightforward but I feel there are rules or techniques that I need to learn first. If you have any information that you could share with me I will greatly appreciate it.
This is my e-mail
m900005@gmail.com
Good luck to you.
Thanks
DoubleBomb
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@m900005, I've not heard it called a hosoda wave projection before or seen a tool that projects it. Unless they are talking about a tool that projects Ichimoku Price Theory? Anyway I don't post charts like I used to as I read a line in the original book stating "The market itself is a place for the trading of people who use their own knowledge. One will get nothing if market's movement is based on someone else's knowledge, whether it's profit or not"
Since then I pay it forward, my knowledge of Ichimoku, through private chat. If you want to know anything send me a message and I'll be more then happy to help. I try to answer most messages on Sunday as this is the time I sit down and train. There's a few who message me so I try to get to everyone asap.
withoutwings
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@DoubleBomb, I've seen someone on YouTube who uses the following settings for the Trend-based Fib Projection tool:
E = 1.611(C + B - A)
V = 1.221(C + B - A)
N = 1.000(C + B - A)
NT = 0.927(C + B - A)
Pretty sure that isn't right though (eg the V calculation shouldn't even take point A into account, and E doesn't use point C)!
It's a shame that the Fib extension tool doesn't allow you to customise the formulas relating the points A, B & C to the various target levels. Also a shame that it's not possible to create a custom drawing tool (accepting mouse input) in Pine scripts here. There may be a way to automate it in Pine for current wave (pick 3 most recent fractals and use those points?), but not sure how well that would work - ideally you'd still want to be able to select the points you want to use.