7-Days Trading Challenge: Ichimoku special

Monday: Launch of the Challenge

Today's mission: Understanding the Ichimoku Kinko Hyo

Today, we're going to familiarize ourselves with the Ichimoku Kinko Hyo. This indicator, created by Japanese journalist Goichi Hosoda in the 1960s, is used to identify trends, support and resistance levels, as well as entry and exit points for trades.

Tasks to be performed :

• Reading and Podcast :
  • Read our detailed article on the Ichimoku Kinko Hyo to understand its five main lines: Tenkan-sen, Kijun-sen, Senkou Span A, Senkou Span B and Chikou Span.
  • Listen to our podcast explaining the use of Ichimoku in trading.

• Recommended resources :

1. • • Article : Complete guide to Ichimoku Kinko Hyo
     • Podcast: Understanding and Using Ichimoku Kinko Hyo in Trading

• Configuring your chart :
  • • Add Ichimoku to your trading platform (MT4, TradingView, etc.).
    • Take the time to configure and adjust parameters according to standard recommendations: 9, 26, 52.

• Observation:
  • Choose two assets (for example, EUR/USD and S&P 500) and observe how Ichimoku applies over different time horizons (H1, H4, D1).

Tuesday to Thursday: Analysis and Strategy

Three-day mission: Develop and test your strategy

Tasks to be performed :

1. Tuesday: Trend analysis
   • Use Ichimoku to identify trends in your two chosen assets.
   • Note the bullish and bearish trends, as well as the support and resistance levels provided by the Ichimoku.
2. Wednesday: Entry and exit points
   • Spot the trading signals: Tenkan-sen and Kijun-sen crossings, price position in relation to the Kumo (cloud), and Chikou Span position.
   • Identify two trading opportunities (one bullish, one bearish) based on these signals.
3. Thursday: Strategy and Backtesting
   • Develop a trading strategy based on your observations.
   • Backtest the last few weeks to see how your strategy would have performed.
   • Adjust your strategy according to the backtesting results.

Friday: Practice

Today's mission: Execute your trades

Tasks to be performed :

1. Trades execution
   • Place your trades in real or demo accounts according to your strategy.
   • Be sure to set stop-loss and take-profit levels based on Ichimoku support and resistance levels.
2. Trading Journal
   • Make a note of each trade you execute, including the reasons for entry, the stop-loss and take-profit levels, and the results at the end of the day.

Saturday: Review and Adjustments

Today's mission: Analyze results

Tasks to be performed :

1. Trades analysis
   • Review your Friday trades.
   • Identify what worked well and what can be improved. Note the winning and losing trades and the possible reasons for their performance.
2. Adjustments
   • Adjust your trading strategy according to Friday's results. For example, modify your stop-loss levels or adjust your entry and exit criteria.

Sunday: Taking stock and sharing

Today's mission: Take stock and share your results

Tasks to be performed :

1. Balance sheet
   • Write up a summary of your trading week. What objectives did you achieve? What lessons did you learn?
   • Think about what you can improve for future challenges.
2. Share
   • Share your results and thoughts on social networks. Use the hashtag #xenesy and identify @xenesy_project in your publications.
   • Encourage other participants to do the same to create a dynamic, interactive community.