Ichimoku plays a great role in high probability trading. Let look into different setup of timeframe(Daily, Hourly,15min) and once can formulate his trade easily which side to trade and which side not to trade.
I had applied the parameters(3,13,16) Ichimoku parameters to Nifty futures under various timeframes
to determine a high probable trade. Here the cloud is used as a support/resistance for our trade. If there
a cloud breakout then longs are preferred and shorts can be initiated if there is a cloud breakdown.
Stop loss for any kind of trade can be placed very near to the cloud
Nifty Futures Daily Chart shows a breakout at 4850 levels and still the Ichimoku cloud supports are at 5050.
Nifty futures hourly charts shows that recently, nifty hourly candles started trading below 5240 levels
Nifty futures 15min charts shows that it trades above the support zone 5220.
Now choose which time frame suits your trade.
1)So if market open gap up above 5240 all the timeframe indicators shows a buy signal with hourly supports at 5240.
2)If Maket respects the hourly resistance zone 5240 and trades between 5220-5240 one can safely initiate longs with stop loss below 5220 lower timeframe(15min) recently turns from sell to buy signal.
3)And if market open below 5220 then decisively make a stop loss above 5240 and short nifty as both the
shorter term indicators hourly and 15min indicates a sell signal