Nifty Future trading using Ichimoku

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 Charts

Nifty Futures Daily Chart shows a breakout at 4850 levels and still the Ichimoku cloud supports are at 5050.

Nifty Futures – Hourly Charts

Nifty futures hourly charts shows that recently, nifty hourly candles started trading below 5240 levels

Nifty Futures – 15min charts

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

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Rajandran R

Rajandran is a trading strategy designer and founder of Marketcalls, a hugely popular trading site since 2007 and one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Trading strategies. More From Rajandran R »

9 comments… add one

  • SERVER March 24, 2010, 8:33 pm

    afl Please

    Reply
  • sri March 24, 2010, 9:12 pm

    dear rajandran,

    very good one. but u’ve not specified how u arrived at the charts and if any afl for this or excel program..kindly let me know.

    best regards
    sri

    Reply
  • padmanaban March 24, 2010, 9:15 pm

    hi rajendran,

    can we get afl for this in amibroker? tat will be helpful for us.

    Reply
  • Rajandran R March 24, 2010, 11:14 pm

    Sri,Padmanaban,Server.

    The above chart is generated using GCI CFD/Share realtime demo
    account software. It favors ichimoku indicator. Simply you can
    open a demo account and get the real time charts for Nifty futures
    and world futures,Dollar denomiated commodities , Currencies etc

    Reply
  • Rajiv March 25, 2010, 3:56 am

    Hi Rajandran

    Can you make one post about the best books you have read on technical analysis along with best possible online courses.

    This would be great help for beginners. Thanks

    Reply
  • Rohit March 25, 2010, 5:33 pm

    ichimoku is good use PSAR to support ;) you will get excellent results.

    Reply
  • Bindu March 26, 2010, 1:14 pm

    Hi,

    Could you plz tell me what should be the measures for the below parameters while building the above charts. I got confused to replicate one…

    I have these fields. Plz guide me what should be used in diff time cycles.

    - Tenkan-sen periods
    - Kijun-sen periods
    - Senkou span periods
    - Chikou span periods
    - Senkou shift periods

    Thanks in advancce
    Bindu

    Reply
  • Rajandran March 29, 2010, 8:28 pm

    Tenkan=3;
    Kijun=13;
    Senkou=16;

    This three parameters could be the sufficient one

    Reply
  • Bindu March 30, 2010, 7:59 pm

    Thank you. But am not able to do away with the other two, that is the problem. some value need to be assiged to it !

    Reply

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    • Rajandran is a Market Analyst and founder of Marketcalls, one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Trading strategies.