Technical Analysis of STEEM/USD - Experiment day 9

Intro:

Using the Ichimoku Cloud as my trading tool and making a testable prediction about the direction of the price. Unlike the rest of these Chartists I make predictions, test them, and keep you updated on how they went.

Quick definitions:

The Blue line in is Tenkan-Sen (Conversion Line). It’s the midpoint of the last 20 price bars.

The light red (non-thick) line is Kijun-sen (Base Line). It’s the midpoint of the last 60 price bars

The Green (Thick) line is Senkou Span A (Leading Span A).

The red (Thick) line is Senkou Span B (Leading Span B). Both leading spans are plotted into the future.

The green line is the Chickou Span (Lagging Span), and will always lag behind the price; it’s the most recent price, plotted 30 periods back.

9/21/2018 1:00 am MST

30 min:

2 hour:

Looking at the 30 min time frame it looks like over the past week or so we have entered into a nice little trading range. Between about 75 cents and 84 to 88 cents. The theory goes when there is a huge gap up to a new high or low, that established the trading range. But with crypto's volatility that often doesn't hold true here. And as the price pressing into the resistance more and more it's more likely to break the resistance (or support). So we'll see how this develops over the next few days.

on the 2 hour time frame it looks like there's some support from Senkou Span A. However, volume has notably dropped off. So I might put my buy in/stops lower in case of some large volume trades pushing the price down. I'd place them near the Senkou Span B near 76 or 75 cents. But be aware that you can get stopped out quickly even at that support level.

Prediction: To be honest, I don't see it breaking the trading zone at 89 within the day. My prediction is it stays lower than 89 cents.

Current prediction results:

Last time I said that "I think it will continue to increase and reach a resistance level around 90 cents" That did not happen. So my last prediction failed. It reached 87 cents in the following day.

Experiment day one - includes my rules

Current prediction rate: 37.5%

Conclusion:

Feel free to leave feed back, comments, and suggestions on anything - from the rules, to the quality of my TA, to how I could improve, ect.

If you are wondering why I'm doing this or why I'm creating rules or testing my predictions. Follow this link.

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Who is klabboy?

I’m different than some steemians. I have never been be paid to create content (baring likes from fellow steemians), I have never paid for upvotes, and all my content is 100% created by me. Nothing fake, no agenda, just my thoughts, and your comments.

Further, I’m a crypto-enthusiast, economics student, data nerd, and outdoors lover. I post mostly on economics, data, personal fun/stories, and crypto. If you have an interest in those things and the occasional random topic, feel free to like, follow, and reblog my content. Hope to hear from you in the comments! Have a wonderful day!