Trading with Ichimoku Clouds by Manesh Patel is a comprehensive guide that takes readers on a deep dive into one of the most complex yet effective technical analysis tools – the Ichimoku Cloud. This book offers an in-depth understanding of how to utilize the Ichimoku Cloud, a tool that captures an array of price-related information in a single glance, offering a 360-degree view of market trends, momentum, and support and resistance levels.
Patel begins the book by breaking down the Ichimoku Cloud system, explaining its origins and the five elements it incorporates. These elements include the Tenkan-Sen, Kijun-Sen, Senkou Span A, Senkou Span B, and the Chikou Span. Each element is discussed thoroughly, explaining their calculations and how they combine to form the ‘cloud’.
The book then proceeds to detail various strategies for trading with the Ichimoku Cloud. These strategies are structured to cater to different trading scenarios, taking into consideration the time frame, volatility, and other essential factors. Additionally, Patel provides guidelines on risk management, placing strong emphasis on preserving trading capital.
The core of Patel’s teaching is about blending the traditional Japanese charting techniques with the western technical analysis methods, creating a hybrid system that can better adapt to the ever-changing forex market conditions. The book is complete with numerous real-life examples and case studies, each annotated with detailed charts, offering readers the opportunity to visualize and comprehend the application of the Ichimoku Cloud.
“Trading with Ichimoku Clouds” offers a holistic approach to the subject, equipping traders with the knowledge and skills needed to master the Ichimoku Cloud system. Whether you are a novice or an experienced trader, this book provides a unique perspective on forex trading, making it an essential addition to any trader’s library.