@Egomaniacal1 this was back on the 12th
Heres the investopedia.com definition:
Ichimoku Cloud Definition and Uses.
What is the Ichimoku Cloud?
The Ichimoku Cloud is a collection of
technical indicators that show
support and resistance levels, as well as
momentum and trend direction. It does this by taking multiple averages and plotting them on the chart. It also uses these figures to compute a "cloud" which attempts to forecast where the price may find support or resistance in the future.
What Does the Ichimoku Cloud Tell You?
The
technical indicator shows relevant information at a glance using averages.
The overall trend is up when price is above the cloud, down when price is below the cloud, and trendless or transitioning when price is in the cloud.
Basically ichimoku cloud is a chart indicator that can help say whether a trend is bullish (buy) or bearish (sell). If it goes above the cloud then its likely to have a bullish run and bearish if it goes under. Recommended to buy or sell as it goes out of the cloud but not when its in the cloud. Theres formulas to figure out each of those lines, the green, blue, and I think thats purple lines, you can set your own color, but thats complex math and the indicator does it for you anyways. But not always guaranteed so recommended to give it some time after it crosses to make sure its not a fake and goes the other way. Its one of many indicators that can be used for any type of investment that's traded on a financial market. Some indicators are good like that one, others are more complex. Indicators are a good way to see where the price is headed. Unless of course some news just messes everything up. I learn that lesson often in currency trading but thats how it be sometimes. A stock can announce a big partnership and of course the price may shoot up or they might announce a loss in revenue and the price shoots down. This is merely a guide and smart money management always recommended.
Now if you don't understand candlesticks since I started explaining ichimoku without thinking if you did. Those green and red sticks going across the screen at the top are candlesticks. The ones under it is the volume, aka how much was traded in that specific time period. The part on the bottom is another indicator. Moving Average something. Not sure and I took that out anyways to add other ones. Anyways candlesticks are show the price of the coin, or whatever is being traded. You can set it for like per hour, per 4 hours, per day, per week, even per 1 minute. I think the one I used here was daily. Green means up, red means down. Look at how they sort of match in a pattern. For green candles, bottom of bar is open, top of bar is close. And for red candles, top is open, and bottom is close. Notice the sms on top and below each candle? Thats the high and low for that period. So like lets use July 8 and 9, dates on bottom of pic. On the 8th it opened around 5.75, it went down to about 5.50 which is why you see the stick under the green candle, then closed the day up at like 6.50 with a small stick on top cuz it went higher but didn't close the day out at that price. Then on the 9th it just went straight down with no wic on top and closed around 6.05 with the wic under it meaning it went down to like 5.50 at one point but buyers pushed the price back up and minimized the damage. Candlesticks are probably the most basic chart pattern and can tell a lot about a trade when using certain indicators or type of candles which are a bunch of different ones. They can tell things like which way the trend is going, support and resistance points, and so forth. To give you one last lesson on support and resistance, look at the very right of the pic and how it have it marked at 6.06 and how the candles tried to go under that line a few times but never did. Thats called a support price, meaning the price tried to break below it a few times but was unsuccesful. Same thing goes for resistance which is going up. Not seeing any resistance on an updated chart but the support looks to be at $7, you can see it on my previous post. Hopefully we don't have to use it and can set a support line higher and keep bouncing up.
