Ichimoku Kinkou Hyou (Itchy Mushrooms)

[blid2def]

All indexes (DJI, S&P 500, NASDAQ Composite, S&P 400 Midcaps, S&P 600 Smallcaps, Russell 2K) except NASDAQ 100 (price sitting on base of cloud support).

Look at the monthly charts here: http://stockcharts.com/def/servlet/Favo ... =ID2983793

[blid2def]

Let's see how these supports (Chikou Span) hold up.

Dow, monthly:



S&P500, monthly:



NASDAQ Composite, monthly:



NASDAQ 100, monthly:

[kennynah]

nice charts.....dow held up pretty well in my books ...... tonight

[blid2def]

The S&P supports aren't too nice though - they're just plotted based on one Chikou Span point.... however, since the indexes more or less move in tandem, I think this agaration should be okay (i.e. other indexes show supports at about the same distance down).

Oh, the bright red line in the charts above is the Chikou Span - forgot to change the colour scheme in TOS Prophet.

[kennynah]

overall....i just love the "dojis" formed tonight for all of the major indexes

have a good rest this weekend....it's battle stations again next monday....cheers !!!!

[blid2def]

Oh just saw this post... yeah, I like the doji's and piercing patterns last night all over the place. Even VIX is flashing a potential evening star reversal. I went to look at my charts - hmm, maybe the 10-year Chikou supports will hold up before we need to go to the 15-year supports (another 10% down).

Personally, still bearish long-term, but I won't discount trading a rally if the opportunity knocks... As mentioned a few posts above, the kumo will be my guide. BTW - look at the intraday charts, pretty amazing how the kumo has been predicting / blocking movements in the past week. Remember that he kumo clouds we see shaping the price movements were drawn 26 periods before things developed. Here's an example:

http://stockcharts.com/h-sc/ui?s=$INDU& ... =146304749

[iam802]

Finish reading the Ichomoku book.

Overall, it is a very simple book to read. A bit disappointed as it lacks depth.

I see it as a good introduction to Ichimoku, however, readers who are not using Ichimoku at this moment may not be convinced with this introduction.

The author uses Ichimoku as a key indicator for identifying trends (mid-long term). However, it seems that she is relying on candlesticks for the short term reversal pattern.

Also, there is a portion on wave counting (similar to Elliot Wave)... which she admit that she hardly uses. I see it as totally useless.

One good point that I pick up is she also uses the Tenkan sen and price to check for possible breakout or reversals. In Classical TA, this would be when the price goes above or below the moving average. I am not sure why I did not do so while using Ichimoku. Maybe, its becaue the price is falling so much faster than the Tenkan sen (moving average) can catch up. So, there is hardly any price line that cuts the Tenkan sen.

So, I am now waiting for "How I make $2,000,000 with Ichimoku' from Sinsei GR.

[blid2def]

So, I am now waiting for "How I make $2,000,000 with Ichimoku' from Sinsei GR.

Actually it's probably "How I make $2,000,000 with an Ichimoku book". Hahaha. I think these people maybe make more money on writing books than actually trading... Hahahaha...

BTW, the new owner of the KumoTraders forum is supposedly working on a new book for IKH. Hopefully that is a better book. I think for an introduction, the Elliott book moves too quickly and superficially. The Ichiwiki beats it hands-down, for me. And it's free. Free is good!

[kennynah]

free is good....agree....provided it is also fresh and big (subjective i guess)....wahahaha

[blid2def]

Interesting pair of charts. Dow intraday 15-minute and Dow intraday 30-minute charts. Notice how the reversal at 2am in the 15-minute chart coincides with the price hitting the kumo cloud resistance in the 30-minute chart.

Remember that the clouds and price action at a similar time slice are not drawn at the same time. Rather, the cloud at that point in time was drawn 26 periods ago (i.e. 26 x 30 minutes (~1.86 trading days) earlier, in the case of the 30-minute chart).