BEYOND THE FIVE LINES · 一目均衡表の三大理論
Ichimoku Three Theories
Three connected ways to study market movement—with clear diagrams, worked calculations and charts you can follow bar by bar.
Start with time →Three questions, one chart
Ichimoku’s deeper framework considers the duration of a move, the shape of its swings and the price distances between them. Use these observations together with the five line chart. A review date or a calculated level provides a reference to investigate; it does not guarantee a reversal.
When to review?
Count bars from a meaningful anchor.
02 · WAVE THEORYWhat structure?
Identify the move and its retracement.
03 · PRICE OBSERVATIONWhich levels?
Calculate distances from chosen swings.
New to the five lines? Begin with the 13 lesson Ichimoku foundation series.
Japanese reference: OANDA.
01 · JIKAN RON · 時間論
Time theory: give the horizontal axis a role
The basic numbers 9, 17 and 26 mark intervals for reviewing market behaviour. Longer counts include 33, 42, 65 and 76. Equal interval analysis instead measures a previous swing’s duration and projects a comparable interval forward; it need not match a basic number.
Original illustration using invented prices; not historical market data.
| Anchor | Review bar | Intervals from anchor | What to record |
|---|---|---|---|
| A at bar 1 | 9 | 8 | Trend continuing, slowing or reversing? |
| A at bar 1 | 17 | 16 | Which swing levels still hold? |
| A at bar 1 | 26 | 25 | Did price behaviour actually change? |
These invented turns demonstrate the counting method. In a real chart, the review bar may pass without a turn. Fix the anchor before the outcome and record that result too.
Japanese reference: OANDA, Fintokei.
Equal intervals: a separate timing reference
Suppose one swing lasts 12 bars, including both endpoints. Starting at bar 1, it ends at bar 12. Counting another 12 bar segment from that shared endpoint brings the next review to bar 23, not bar 24. Two inclusive segments share one candle.
Original illustration using invented prices; not historical market data.
Japanese reference: MUFG eSmart Securities.
02 · HADO RON · 波動論
Wave theory: simplify the swing sequence
An I wave is one directional leg; a V wave adds a counter move; an N wave has three legs: movement, retracement and renewed movement. Downward versions reverse the directions. Mark the meaningful highs and lows on your chosen timeframe before assigning a label.
Original illustration using invented prices; not historical market data.
Two additional formations describe the boundaries of repeated swings: P contracts as highs fall and lows rise; Y expands as highs rise and lows fall. A drawing describes the structure observed so far. It does not establish which direction a later breakout will take.
Japanese reference: OANDA, Chart Analysis.
03 · NEHABA KANSOKU RON · 値幅観測論
Price observation: measure from three anchors
For an upward structure, let A be the starting low, B the first high and C the subsequent retracement low. The four common calculations reuse those distances from different reference points.
Original illustration using invented prices; not historical market data.
| Calculation | Bullish formula | With A = 100, B = 124, C = 114 |
|---|---|---|
| N | C + (B − A) | 114 + 24 = 138 |
| V | B + (B − C) | 124 + 10 = 134 |
| E | B + (B − A) | 124 + 24 = 148 |
| NT | C + (C − A) | 114 + 14 = 128 |
These are four calculated references from the same anchors, not four independent confirmations. Their order and spacing depend on the retracement. If a reference is already behind current price, record that fact rather than treating it as a fresh objective.
Japanese reference: IwaiCosmo Securities.
PUT THE THREE VIEWS TOGETHER
Worked example: freeze the chart at C
Our constructed chart has a low of 100 at bar 1, a high of 124 at bar 9, then a low of 114 at bar 17. At C, the first rise and its retracement are visible. A third upward leg is a scenario to examine, not a completed N wave.
Invented daily candles through C. Dashed paths and levels are projections; future candles are deliberately omitted.
- Time: bar 26 is the next basic number review counted from A. It is nine intervals after C; it is not C’s own 26th bar.
- Wave: observe whether a renewed advance develops beyond B = 124. A move below C = 114 weakens the selected continuation scenario.
- Price: keep NT = 128, V = 134, N = 138 and E = 148 on the map. A calculation alone does not decide an entry or exit.
Two possible next chapters
Open each outcome to compare what happened with the observations recorded at C. Both paths below are invented for teaching.
Outcome A · Price continues and reaches 138
Original illustration using invented prices; not historical market data.
In this constructed continuation, the high reaches the N level at bar 26. The coincidence is useful for explaining the method, but is not evidence of a reliable hit rate. Observe the next candles before deciding whether the level became a turning area.
Outcome B · Price loses C before the review bar
Original illustration using invented prices; not historical market data.
The alternative falls through 114 at bar 20 and reaches 108. The selected continuation premise weakened before bar 26. Record that change; the later arrival of a review bar does not repair the earlier failure.
Japanese reference: IwaiCosmo Securities, Fintokei.
REVERSE THE DIRECTION, KEEP THE LOGIC
Bearish example: the arithmetic mirrors
Let A = 150 be a high, B = 126 the subsequent low and C = 136 the rebound high. The projected third leg is downward.
Invented downward structure through C. Dashed lines show calculated references, not observed future prices.
| Calculation | Bearish form | Worked value |
|---|---|---|
| N | C − (A − B) | 136 − 24 = 112 |
| V | B − (C − B) | 126 − 10 = 116 |
| E | B − (A − B) | 126 − 24 = 102 |
| NT | C − (A − C) | 136 − 14 = 122 |
A move above the chosen rebound high of 136 challenges this downward scenario. Apply the same bar counting convention and review process used in the upward example.
Japanese reference: IwaiCosmo Securities.
Check your understanding
A new upward structure has A = 80, B = 96 and C = 90. What are N, V, E and NT? If A is bar 1, how many intervals later is its 26th bar?
Reveal the explanation
N = 106; V = 102; E = 112; NT = 100. The 26th bar is 25 intervals after A. Each answer describes a reference—not a guaranteed next price or turning point.
OPTIONAL COMPANION READING
Ichimoku Basic Theories Book
If you would like to study these ideas in book form, Kei’s guide explores time, waves and price observation with illustrations and chart examples, including how the three theories work together.
Explore the book →Your next chart exercise
Choose one chart and freeze it at a completed retracement. Save the symbol, timeframe, A–B–C prices, anchor bar numbers and four calculations. Write the next review bar and the event that would challenge your scenario. Advance the chart, then compare the outcome with your original notes.
Continue with the five line learning path or return to Knowledge.
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AUTHOR
Kei
Kei is a Japanese forex trader and mentor who has traded since 2013. He teaches Ichimoku in English from the original Japanese texts, with a focus on chart analysis, trading psychology and risk management.
More about Kei →