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Tuesday, May 02, 2017 12:15:04 PM
The green chikou line on the ichimoku chart has peaks and valleys that are used for current price resistance and support.
Price just went through a resistance peak on the chikou line (the green line peak on March 14, at $0.50) signalling a confirmed buy.
The word "confirmed" seems to be a buzzword thrown around widely fast and loose without really clearly defining it well. To clear any confusion, a confirmed buy means:
1) Yesterday the price closed above the resistance level signalling a buy
2) Today's high is above yesterday's high at any time during the day
Using "confirmation" keeps from buying something that goes over a resistance level, only to watch it drop back down by the end of day.
It prevents having to sell out of it on a reversal, and tells the market "prove it" the price is truly breaking out before buying.
Others may also consider "confirmation" to be two or three consecutive closes above the resistance level, even if they do not make new highs.
I think the "close above yesterday then new high today" method for confirmation makes more sense.
normal chart
log chart
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