How to change label on Toggle

Ionic Framework ionic-v3
#1

Hello guys how can i change label value in this case the < p> tag if the item above is toggled.

<ion-content>
  <ion-card class="sc-consumption">
    <ion-card-content>
      <p>consumption <span>{{theItem?.consumption}}</span></p>
    </ion-card-content>
  </ion-card>
<ion-card>
    <ion-item >
        <ion-label>Sensor</ion-label>
      <ion-toggle [checked]="theItem?.checked"></ion-toggle>
    </ion-item>
    <p>Sensor is ON or OFF on toggle </p>
</ion-card>
</ion-content>
#2 
<p>Sensor is {{checked ? 'ON' : 'OFF'}}</p>

I suppose that should work