In this course, we’ve pointed out the importance of knowing that Ichimoku is a measurement for price action. We’ve shown how Ichimoku can help us understand trends in price action.
From there we’ve shown all the ways Ichimoku can help you understand what is going on with charts through the “Questions to Ask Charts.”
We then took a look at some supporting players and saw how checking weekly charts, using the 200-period moving average, and Fibonacci Retracements can help us find support and resistance zones.
Now we get down to the nitty-gritty. The exact steps to reading Ichimoku charts.
The stops I show are based on my experience. There is nothing wrong with you coming up with your own viewing steps. This is just a guide. The reason for showing specific steps is many of my students said that even though they knew how Ichimoku worked, they didn’t know what to look at first.
Here are the basics of the steps:
1. Weekly Price Action to Cloud
2. Daily Price Action to Cloud
3. Read Chart from Left to Right
4. Focus on Most Recent Price Action
5. Check the Chikou Span
6. Observe the Future Kumo
We’ll get into the specifics in the next lesson.