Ichimoku Kinko Hyo is one of the most overlooked and misunderstood indicators in the western world. Many people believe that is too complex and therefore turn to traditional oscillators and indicators like RSI, CCI etc. At first it looks intimidating due to the number of lines on the chart, but if anyone dedicates some time to study it, he will find that it is actually quite simple and that it can be an almost perfect tool for trading in any time-frame. These series of articles will try to make traders familiar with Ichimoku and hopefully help them to be successful in one the most exciting, but difficult professions in the world. What is Ichimoku Kinko Hyo? Ichimoku was created by Goichi Hosoda in Japan almost a century ago. It is a trend and breakout indicator that besides identifying when to open a position, it also shows support and resistance levels. This is how it looks when plotted on a chart, (if the images do not show right please use the zoom option of your browser)It looks complex and later in the series there will be a full explanation of the indicator together with trend and breakout strategies. This part focuses on breakout, intraday trading using just the Cloud (Sen…
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