RJ, I actually have something closer to 4916 right now. Regardless, all spikes are allowable for the TL to contain. This will not happen, but let's say on Tuesday we get a move to 5000. As long as the price closes south of 4916, it still contained.
The same can be said for all elements of the ichimoku, except the chinkou. If you are following my weekly S&R's, the same can be said for them by using the hourly chart
OTOH, if the level of the kijun 3 candles back is touched, it signifies trend reversal or volatile moves ahead. This is why I use a stop as the kijun, 3 candles back. In the case of Nifty, and my strong belief the reversal is imminent, I would have already clocked out if I traded the market.
(Thoughts key coming, so I keep writing.)
With TL's keep in mind that have to obey the certain properties associated with them. This is why my original TL had to be redrawn. There was no strong move on the other side of the original, and price went sideways after it was broken. I knew there was a problem.
If I was trading Nifty, the point of where the original TL was drawn would have been my exit.
The same can be said for all elements of the ichimoku, except the chinkou. If you are following my weekly S&R's, the same can be said for them by using the hourly chart
OTOH, if the level of the kijun 3 candles back is touched, it signifies trend reversal or volatile moves ahead. This is why I use a stop as the kijun, 3 candles back. In the case of Nifty, and my strong belief the reversal is imminent, I would have already clocked out if I traded the market.
(Thoughts key coming, so I keep writing.)
With TL's keep in mind that have to obey the certain properties associated with them. This is why my original TL had to be redrawn. There was no strong move on the other side of the original, and price went sideways after it was broken. I knew there was a problem.
If I was trading Nifty, the point of where the original TL was drawn would have been my exit.
Paul,
So the TL has dropped to 4906? No review? thanks
So the TL has dropped to 4906? No review? thanks