Blog Archive

Saturday, April 25, 2009

This is the Ichimoku 5 Minute chart for today, and it includes the tail end of yesterday. I like Investors Hub charts best even though the colors suck, because it's live . looks real nice, but getting the desired view is a chore. Investors Hub allows you to stretch, pan, and zoom, and it updates live; where as Stockcharts is static, and requires constant refresh. is also delayed several minutes, even for subscribers who pay.’ ‘

I still use Elliott Wave, even though lately, the EW has totally let me down. Today I used the EW to jump in early with a short, and it was a disaster, but I was able to salvage some of my losses. There have been so many times when this wave has counted out as done, but it just keeps on going. ’ ‘

The Ichimoku on the other hand caught this rally, and got us out at the top. I like to go in light at the Tenkan-sen/Kijun-sen cross, and add to the position when the Kumo is broken on the other side. I watch longer time periods for resistance and the 1M chart for timing. ’ ‘

To exit I watch the 1M for warnings, and will take profits if the Tenkan-sen crosses the price on the 5 minute. With Ichimoku I make less trades, but they are more often profitable. EW often helps me get in and out early but that has not been working out very well lately, and I'm becoming afraid to rely on it. Ever since miscounting, and missing the bottom of wave A in March the EW count has been elusive. It appears we may have finally found the top of wave a of B because we have broke the bottom trend line, but I don't trust my count any longer. I've been fooled too many times. The EW has served me well in the past but the Ichimoku has been far more reliable. ’ ‘

With this 5M chart the buy signal came Thursday just before the close at around 850 , it gave a sell signal at about 867. This was followed by a sell and another buy. Both quickly failed with small losses. ’ ‘

We are currently at the top of the 5M Kumo after testing the bottom at 860. If the Tenkan-sen crosses the Kijun and the price falls below the Kumo it will be a sell signal until the price crosses the Tenkan-sen again. But with the top of the Kumo in many of the longer periods at around 850, shorts will be risky until these also confirm. ’ ‘

I'm wondering what you think about the Ichimoku Kinko Hyo so far. The symbol for S&P500 is IN\X that is a back slash. ’ ‘


  1. i use Ichimoku also. i had been using but i just signed up at and they have really good charts.
    here's my blog, i had been using the charts, but starting monday, i'm using thinkorswim.

  2. Thanks Mike I'll take a look at your blog and As you can tell I don't really stay very active with this blog.

  3. Mike,

    I just realized that every time I make a correction to my post there is a new message sent out to you.

    I hope that does not become annoying because I often find something else to say and tend to edit my posts several times.

    I'm wondering if you have ever looked into the Elliott Wave.


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