As a readers request just started tracking the ichimoku cloud strategy for Bank Nifty on 90 min time frame. Currently Bank Nifty is in sell mode with cloud resistance coming around 11,032. Read the trading rules before tracking the strategy. CMP : 10845
Ichimoku performs a high role in high probability trading and this can be applied to any kind of time frame. Trading rule is simple
1)Buy if Candle closes above the cloud.
2)Sell if Candle closes below the cloud
3)Stop Loss for your trade is cloud itself
4)There is nothing to do with the color of the cloud( red/green cloud it doesnt matter )
Few Rules that I follow for the shorter timeframes 15min, 30min, hourly Charts and 90 min charts
1)Buy or Sell Trade should be taken only on the presence of the appropriate signal. Trade should not me initiated belated to the signal
2)Dont initiate trade without sufficient signals.
3)If you are in a Buy Trade/Sell Trade book the trade if you are in profit at regular intervals. Dont wait for the next signal to exit the trade
4)If you are trading with Bank Nifty 90 min charts in profits book periodically anywhere between 150-200pts without waiting for next signal.
5)Respect the trailing stop loss when you are in trade
6)If you are confused with the way you are playing – just take rest.