battleska
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« on: July 25, 2011, 11:18:22 AM » |
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I've been practicing Ichimoku for a couple months now. Do you think a close on daily bar below KS is a good entry, why or why not? PA is below kumo, KS (red) above the TS (blue), CS below the PA, and future kumo is bearish. So it looked like a good KS cross entry to me. I didn't get in until the following bar. I set the SL at last swing high + spread, and the other lines are weekly pivot points I'll shoot for unless something else makes me close out the trade. Thoughts?
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Jozu Okane
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« Reply #1 on: July 25, 2011, 10:35:49 PM » |
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I dont think I would be shorting this market. If you look at the Weekly chart there is strong line of support at 127.50. Look at the double Tweezer bottoms that form on 7/12 and 7/13 on the Daily chart. Also the Senkou B on the advance Kumo is curling upward. I think we could be possible be seeing a short bull move up to 133 to 138. It looks like it has a good potential to cross at the 'leg' part of the Kumo at around mid August.
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battleska
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« Reply #2 on: July 26, 2011, 08:40:52 AM » |
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Unless I am missing something I don't find any of that to be true. 7/12 and 7/13 aren't tweezer bottoms, not on my chart at least. Senkou B on the advance kumo is curling down then flat on my chart also.
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Jozu Okane
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« Reply #3 on: July 26, 2011, 08:46:52 AM » |
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I guess it looks different on the ToS charts that I am looking at but the Tweezer bottoms are the same - they have the same indentical close even though Metatrader shows different lows on those days.
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battleska
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« Reply #4 on: July 26, 2011, 09:19:07 AM » |
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7/12 closed at 126.535. 7/13 closed at 126.904. Maybe you're mistaking 7/13's open with it's close. Or maybe it is just a difference in the charts. MBT uses est time zone.
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« Last Edit: July 26, 2011, 09:24:20 AM by battleska »
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Jozu Okane
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« Reply #5 on: July 26, 2011, 09:47:07 AM » |
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You're looking at the lows on those days - the lower candle wicks. That's not the low close. The low close is the lower closed portion of the candle body. On your charts the low close on both of those days looks to be about 126.64 -hence what makes it a Tweezer Bottom.
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« Last Edit: July 26, 2011, 09:50:50 AM by Jozu Okane »
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battleska
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« Reply #6 on: July 26, 2011, 09:51:09 AM » |
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No, their low's are much lower than that. Look at my chart posted. The lowest wick you see is 7/12. You're mistaking the open on 7/13 with it's close.
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Jozu Okane
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« Reply #7 on: July 26, 2011, 09:57:28 AM » |
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Candles have (4) parts: High, High Close, Low, Low Close
Top Wick: High
Top Part of Candle Body: High Close
Bottom Wick: Low
Bottom Part of Candle Body: Low Close
Yes 7/12 and 7/13 dont have the same Lows, but they have the same Low Close.
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battleska
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« Reply #8 on: July 26, 2011, 01:20:36 PM » |
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The bottom part of a candle body is the close on a bearish candle. The bottom part of a candle body is the open on a bullish candle. 7/12 is bearish. 7/13 is bullish.
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