Trend Follow with kijun-sen/tenkan sen for 1 Hour SPX

3 ביוני 2020

This script determines, plots and alerts on probable trend initiation and continuation points, using tenkan-sen(conversion line of ichimoku), kijun-sen(baseline of ichimoku) and stochastic RSI, for 1 H SPX.

New long/short trend initiates when prices cross above/below kijun sen. The trend continues when prices cross above/below tenkan-sen or stochastic RSI crosses up/down its signal line, while prices are above/below kijun-sen.

It is good to take partial profit between 10-15 points gain and trail the left with stops below kijun-sen line.

While placing the order, using 2-3 points buffer above/below of signal bars is recommended. Additionally, please be careful about clouds and do not place long/short orders below/above clouds.