When should we apply N or E pattern? N or E projection, which is more popular and commonly used?
Apply both whenever there is a 3-move structure. Whenever you can use the N pattern, you can also use the E and the V pattern. The N is conservative while the E is aggressive. V is usually in between. You can use all three as a target zone.
how do you decide which projection to use?
If it is a 2-movment you can only use V.
If it is a 3-movement, you can use all 3, N, V and E.
For all N projection, we can also see the V projection. Am I right to say so? Tks.
yes. V is a 2-movement structure. N is a 3-movement structure. To have a 3-movement structure, you must be preceded by a 2 movement structure.
Can it also be an inverted V?
yes inverted V is a bearish pattern. The V is a bullish pattern.
lowest point in daily closing price or day low ?
We use the lowest recorded or highest recorded price.
On construction and using the Ichimoku components
How do we draw the cloud?
It is drawn by the charting system. The link above will show you how it is constructed.
Techanalizer has also Ichimoku?
Yes there is Ichimoku in it. Chart Genie also has.
I tried Ichimoku on OCBC, only one cloud, means OCBC is not in trend?
Insufficient data to construct the cloud.
Do you think Gold will have a new historical high amid this trade war tension, impending recession for many countries and due to covid?
The historical high for Gold is around $1920, I think we should test this level by Mar 2021. That was my 1 year view on Gold.
Trade war tension, recession and low interest rate environment are all likely factors favourable for Gold
What is the best time duration for Ichimoku technique?
If you are looking at equity for the long term, example holding for 1 year, I would suggest you use weekly chart.
If you are looking at 3-6 months, a daily chart with Ichimoku is good.
For Gold and CFD Indices trading, you can use hourly chart with Ichimoku
must u account for dividend payment , rights etc?
You can project price target but after the ex date, you subtract the dividend amount from the target.
If every participant projected same price and plan to exit that price wouldn’t the price turn lower in a bullish trend?
Yes it should but I think the majority still use fundamental analysis. We have not come to that extend as yet, where a rush to exit can bring price down.