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Ichimoku Charts: An introduction to Ichimoku Kinko Clouds [Paperback]

Nicole Elliott

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Book Description

Feb. 1 2007 Harriman Trading
Candlestick charts, although originating in Japan, now play an important role in technical analysis worldwide. Now, for the first time in English, this book presents the next stage of candlestick analysis - Ichimoku Kinko Hyo. Sometimes called Cloud Charts, this analysis adds moving averages to candlestick charts. But moving averages a little different from those traditionally used in the West. For trending markets, Cloud Charts add an essential tool for analysing near-term areas of support and resistance. The book covers the history of candlestick charts - explaining the context in which they developed. And then moves on to explain how in the 1930s a journalist, with the pseudonym Ichimoku Sanjin, started refining candlestick analysis by adding a series of moving averages. The book explains in detail how to construct Cloud Charts and how to interpret them. A chapter is devoted to the advanced analysis of Cloud charts, with an in-depth study of the Three Principles: Wave Principle, Price Target and Timespan Principle. The book is illustrated throughout with numerous examples of Cloud Chart analysis. Walk into any Japanese dealing room today and you will see that the most common charts being used are Ichimoku Kinko Clouds. This book presents the definitive explanation of these charts for the first time to a Western audience.

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About the Author

Nicole Elliott is a graduate of the London School of Economics and a member of the Society of Technical Analysis. She has worked in the City of London for over 20 years. Whether in trading, sales or as an analyst within the treasury departments of major international banks, technical analysis has formed the backbone of her methodology. As Mizuho Corporate Bank"s senior analyst in London she covers the foreign exchange, interest rate and commodity markets and equity indices.

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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com: 3.2 out of 5 stars  11 reviews
18 of 18 people found the following review helpful
1.0 out of 5 stars Left wanting more Feb. 14 2010
By G. Kent - Published on Amazon.com
Format:Paperback|Verified Purchase
Didn't really cover trading with Ichimoku charts in any detail. The book was more about candlesticks and wave patterns. The wave patterns I found very subjective and of no use. You can learn as much about trading Ichimoku free on various websites.
13 of 13 people found the following review helpful
3.0 out of 5 stars A Beginning Aug. 18 2008
By Jack - Published on Amazon.com
Format:Paperback|Verified Purchase
As per the other reviewers, I will echo that the introduction given here is very limited. While the information is consise, the reader is left wanting much more. The wave method as presented, is a bit of a rehash from other sources, not really a part of the Ichimoku Charts.

The only other book published on the subject is in Japanese, and is over 300 pages. Unfortunately, I am an English only person.
16 of 18 people found the following review helpful
1.0 out of 5 stars Real Dissapointment March 12 2009
By Mark Schwartz - Published on Amazon.com
Format:Paperback
Where is Steve Nison when you need him??

Nicole Elliot's book on Ichimoku Charts (aka Cloud Charts) completely fails at methodically building up the reader's knowledge of the theory, practical application, and utility of each component of the chart. Without a thorough grounding in the building blocks of Cloud charts it becomes impossible to interpret these charts and extract their value.

I was drawn to Cloud charts because of my great desire to find a chart that would incorporate extremely powerful Japanese Candle Stick analysis, but also "supposedly" have built in moving averages and even make use of Fibonacci number sequences. The former combination seems like it would make for a robust technical tool if only it could be explained / decoded using a modicum of plain english.

As someone who developed a real passion for technical analysis from reading the extremely well written works of Steve Nison and John Murphy, Nicole Elliot's book completely fails to transmit any meaningful knowledge of Cloud charts to the reader.

I don't even think the books title is appropriate as one could get the same depth of Nicole Elliot's "introduction" or "pamphlet" on Ichimoku charts through a Google search of free articles on the web.

I still believe these charts hold real promise if the right author comes along to unlock their value for interested readers.
7 of 7 people found the following review helpful
3.0 out of 5 stars Fine book, but only for professionals Sept. 15 2010
By M. Chiz - Published on Amazon.com
Format:Paperback|Verified Purchase
I bought this book after being disappointed with Manesh Patel's book on the subject: Trading with Ichimoku Clouds: The Essential Guide to Ichimoku Kinko Hyo Technical Analysis (Wiley Trading). See my review there for an overview of Ichimoku Clouds.

Elliott's book is much better, but it is not for everyone. This book is written for a very specific audience -- professional technical analysts who want to understand what their Japanese competitors are doing. If that's your situation, this is the book for you; otherwise look elsewhere.

Because of the book's intended audience, it has almost no discussion of trading. It simply discusses the indicator and how a Japanese analyst would interpret it. If you work at the forex desk of a bank, this information will help. If you are the typical trader, it won't.

Regrettably, there are no truly outstanding English books on the subject. If you can read Japanese or work with someone who does, you should just get Hidenobu Sasaki's Ichimoku Kinko Studies (Toshi Raider Publishing 1996). Otherwise, as of 2010, this seems to be the best book on the subject available.

I'll provide a brief overview of the book's contents for those considering it:

After a brief historical overview in Chapter 1, the book spends Chapter 2 explaining how the charts are constructed. The information available on the internet is probably better, but one important difference this chapter brings out is that the Tenkan-sen and Kijun-sen lines are constructed as moving averages of daily midpoints (halfway between the daily high and low). Most websites and other books will tell you to construct them like you construct the Senkou Span -- by taking the midpoint between the highest high and lowest low over the look-back period.

Chapter 3 covers the conventional Japanese interpretations of the cloud chart, leaving out newer approaches Westerners have added. Although you could get this information from many internet sites, it will generally not be clear which methods are the typical Japanese ones and which ones are more recent innovations. The book here stays on point and focuses on explaining how a Japanese analyst will look at the chart.

Chapter 4 is probably the most important and most useful chapter of the book. Unfortunately, it is somewhat lacking in detail. This chapter covers the Wave, Price, and Time principles. These principles are the Japanese versions of wave analysis, price projections, and time retracements. The coverage here is substantially better than anything I've found elsewhere, but the level of detail is only enough to understand what a Japanese analyst would do. I don't feel confident that I could actively use these methods with just the information in this chapter.

Chapter 5 provides six longish examples of performing a technical analysis using Ichimoku techniques. Sticking with the book's goal of teaching you how a Japanese analyst would approach a chart, each example is a single snapshot. The book does not show you how things turned out nor does it show you how an analysis would be changed after new bars were added.

Chapter 6 builds on Chapter 5 and focuses on analysis of volatility for option strategies. This chapter contains information that isn't available elsewhere, but outside of a handful of professionals, I can't see it being generally useful. Very few retail traders use vanilla options in spread strategies; even fewer will make use of the exotic knock-in/knock-out options that Elliot references in several examples.
8 of 9 people found the following review helpful
4.0 out of 5 stars A good intruduction June 5 2008
By Atahualpa - Published on Amazon.com
Format:Paperback
I think the book is a good introduction of the technical analysis using Ichimoku Kinko charts. Charts in colour are pretty good and clear. However I consider that it is just an introduction and not a profound analysis of this kind of study. What I consider more relevant and interesting in this book are the tips and explanation of the personal way the author analyse the markets. Her experience in the markets is of great value for any trader.
Anyway it is worthy reading this book since there is not enough material regarding Ichimoku.

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