Ichimoku Charts : an Introduction to Ichimoku Kinko Clouds

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Contents Preface ix Introduction xi 1 – History 1 Edo, candlesticks and Ichimoku Kinko Hyo 3 Calligraphy 6 Terminology 7 2 – Constructing the Cloud Charts 9 Candlesticks – the foundation 11 Creating Ichimoku charts 14 Daily data and mid prices 14 Moving averages 14 Drawing the Cloud 20 Chikou Span 23 Example – calculations for Ichimoku construction 24 Summary 26 3 – Interpretation of the Clouds 27 Support/resistance levels 29 Finessing trading positions 30 Cloud thickness 30 Distance between price and Cloud 31 Clouds are for trending markets 33 Chikou Span 34 Example 1: Dax Index 38 Example 2: Euro vs dollar 41 4 – The Three Principles 43 Wave Principle 45 Price Targets 59 Timespan Principle 61 5 – Case Studies 69 Study 1: FTSE100 Index 72 Study 2: Short Sterling interest rate future 75 Study 3: CADUSD 78 Study 4: Gold 80 Study 5: USDYEN 84 Study 6: Dow Jones Utilities Index 86 v Ichimoku Charts 6 – Option Trading with Clouds 93 Cloud charts uniquely useful for options trading 95 Buying Option Strategies 98 Writing Option Strategies 105 Conclusion 111 Appendices 113 Constructing Candlestick Charts 115 Charting Programs 121 My Approach to Technical Analysis 121 My daily routine 121 Recommendations 125 Table of sample calculations for FTSE100 127 Bibliography 129 Index 131 vi Charts and Figures Figure 2-1: FTSE 100 with moving averages 15 Figure 2-2: LME 3-month Copper with two moving averages 17 Figure 2-3: Euro/Sterling with two moving averages 18 Figure 2-4: Spot gold with projections for 9, 18, and 26 days ahead from an important low 19 Figure 2-5: FTSE 100 with moving averages and Clouds 20 Figure 2-6: Singapore dollars per Canadian dollar with Senkou Spans A and B 22 Figure 2-7: Yen per US dollar with Chikou Span 23 Figure 3-1: CBOT front month Corn futures contract with Clouds 29 Figure 3-2: Cable (US dollars per pound Sterling) with Clouds 30 Figure 3-3: Spot gold with Clouds 32 Figure 3-4: S&P500 index with Clouds 33 Figure 3-5: Yen per US dollar with Chikou Span 34 Figure 3-6: LME three-month forward Copper with Clouds and Chikou Span 36 Figure 3-7: CME Eurodollar interest rate future with Clouds and Chikou Span 37 Figure 3-8: German Dax 30 Index 38 Figure 3-9: Euro against the US dollar 41 Figure 4-1: Consolidation patterns of the Wave Principle 46 Figure 4-2: Wave variations 48 Figure 4-3: Thai Baht per US dollar 52 Figure 4-4: Korean Won per US dollar 53 Figure 4-5: Weekly S&P500 54 Figure 4-6: Hungarian Forints per Euro 56 Figure 4-7: Resistance becomes support 57 Figure 4-8: Example of Crude oil demonstrating resistance becoming support 58 Figure 4-9: Price targets 59 Figure 4-10: Inverted V wave pattern 62 Figure 4-11: N wave pattern 62 Figure 4-12: Kihon Suchi 63 Figure 4-13: Head and shoulders pattern 65 Figure 4-14: CAC40 index with Time Principle days ahead plotted from an interim low on the 28 October 66 Figure 4-15: Front month sugar futures contract New York Board of Trade 67 vii Ichimoku Charts Figure 5-1: FTSE100 index 72 Figure 5-2: Short Sterling interest rate future (Euronext.liffe) 75 Figure 5-3: Canadian dollars per US dollar 78 Figure 5-4: Gold (weekly), for historical reference 80 Figure 5-5: Gold (daily) 81 Figure 5-6: Yen per US dollar with Chikou Span 83 Figure 5-7: USDYEN (daily) 84 Figure 5-8: Dow Jones Utilities Index (weekly) 87 Figure 5-9: Dow Jones Utilities Index (daily) 88 Figure 5-10: N wave and price target starting at point 9 90 Figure 6-1: US dollars per Australian dollar 98 Figure 6-2: Korean Won per US dollar 99 Figure 6-3: US dollars per Euro 101 Figure 6-4: US dollars per pound sterling 102 Figure 6-5: Japanese Yen per US dollar 103 Figure 6-6: Canadian dollars per US dollar 105 Figure 6-7: Swiss francs per Euro 106 Figure 6-8: Singapore dollars per US dollar 108 Figure 6-9: Swedish Krona per Norwegian Krone 109 Figure 6-10: Hungarian Forints per Euro 110 Figure A-1: Open and close 115 Figure A-2: Doji patterns 116 Figure A-3: Spinning tops and bottoms 116 Figures A-4 and A-5: Shooting star or hanging man, and a hammer 117 Figure A-6: Bullish engulfing 117 Figure A-7: Bearish engulfing 117 Figure A-8: Dark cloud cover 118 Figure A-9: Piercing pattern 118 Figure A-10: Harami 118 Figure A-11: Evening star 119 Figure A-12: Morning star 119 Figure A-13: Dec gold on COMEX 120
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