Intro:
Using the Ichimoku Cloud as my trading tool and making a testable prediction about the direction of the price. Unlike the rest of these Chartists I make predictions, test them, and keep you updated on how they went.
Quick definitions:
The Blue line in is Tenkan-Sen (Conversion Line). It’s the midpoint of the last 20 price bars.
The light red (non-thick) line is Kijun-sen (Base Line). It’s the midpoint of the last 60 price bars
The Green (Thick) line is Senkou Span A (Leading Span A).
The red (Thick) line is Senkou Span B (Leading Span B). Both leading spans are plotted into the future.
The green line is the Chickou Span (Lagging Span), and will always lag behind the price; it’s the most recent price, plotted 30 periods back.
9/6/2018 11:50 pm MST
Imgur: 2 hour and 30 min:
https://imgur.com/a/1bkDKPS
30 min:
2 hour:
Looking at the 2 hour time frame we seem to have actually got a double bottom here. At least it fits the standard description. One of the red bars has been fully recovered by a solid green bar. Then it moves up from the 84-85 cent level but then hovers around there for the rest of the day. It's not backed up by significant volume which is trouble some but nevertheless it's gaining again.
I suspect we'll see some resistance near the 90 cent level because, physiologically, humans love nice around numbers.
Personally with the double bottom I'd be bullish about this and if I was looking to buy. I'd be trading in around now. We might see a retest on the bottom again during a complex pull back - if one happens. But I sort of doubt it will. On the 30 min time frame we see a fairly large jump down to the 77 cent level where it was met with some strong buying support and jumped back up to near the 80 cent level.
Prediction:
Prediction: I think it will continue to increase and reach a resistance level around 90 cents
Staying between 84 cents and 90 cents.
Current prediction results:
Last time I said that "I think we'll see another flag form and a retest of the low." That did not happen. While this is good for a double bottom theory, that is not good for my prediction. I'm my prediction failed.
Experiment day one - includes my rules
Current prediction rate: 42.8%
Conclusion:
Feel free to leave feed back, comments, and suggestions on anything - from the rules, to the quality of my TA, to how I could improve, ect.
If you are wondering why I'm doing this or why I'm creating rules or testing my predictions. Follow this link.
If you liked this content feel free to reblog, follow, and comment.
Who is klabboy?
I’m different than some steemians. I have never been be paid to create content (baring likes from fellow steemians), I have never paid for upvotes, and all my content is 100% created by me. Nothing fake, no agenda, just my thoughts, and your comments.
Further, I’m a crypto-enthusiast, economics student, data nerd, and outdoors lover. I post mostly on economics, data, personal fun/stories, and crypto. If you have an interest in those things and the occasional random topic, feel free to like, follow, and reblog my content. Hope to hear from you in the comments! Have a wonderful day!
Congratulations @klabboy! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard: