Ichimoku Weekly analysis

Updated

Ichimoku weekly analysis with wave counting. I'll be attaching three charts in three time frames and explain what a possible outcome for the week may be, using my understanding of Ichimoku theory.

Your own opinions are greatly welcomed ;)

Note

This analysis is used for my predictions in the 1Hr time frame (where I trade).

Ichimoku wave counting uses four numbers 3,5,7,9 these numbers represent the amount of 'I' waves a cycle of trend will last for. Nine being the extreme.

When wave counting gets to seven or Nine I start looking for possible trend reversals (breaking down of waves signals this).

Above you can see six cycles which contain one of the four numbers above 3,5,7 or 9 and these represent a end of a cycle.

The area we are most interested is the last leg which has possibly finished it's cycle on seven. Please note this market to me has been ranging since March.

On to my next step below.

Note

Note

This is now the weekly chart for the same pair.

The numbers and boxes have been transferred from the Day time frame analysis. You can see the counting S - 3,5,7 or 9 match up nicely with bearish/bullish correction of price.

Our area of concern is the last candle before the closed market, it has shown reaction to the Senkou Span B, hitting it then retracting. Also the Chikou has a possibility to bounce off the Tenkan (marked in the Kumo).

This area is our last line of defense (with my trading set-up).

Kijun and Tenkan are flat showing little momentum and are very close to crossing for a medium strength Kijun cross.

Now for the last chart.

Note

This is the monthly chart for the same pair.

I have placed a box around the area we are analyzing (2017 - present).

As you can see we have hit the first line of defense, Senkou Span B, we have a boarder line strong/medium strength Kijun cross (bullish) and a possible bounce for Chikou off the Tenkan.

I have added fractal HH, HL ect which I find helpful in reading direction of price.

Kijun is showing nice momentum up however please note Tenkan is flat and cause a resistance level for price. (I haven't seen this to strong case on the Monthly chart).

Lastly the Kumo although thin is angled up which is a nice sign for a bullish trend.

Note

Remember no one can know the future, all we can do is gather as much information as we can and harness it's weight for our predictions. Hopefully this has help some traders.

Best of luck everyone for the week ahead.

DoubleBomb

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