Just an idea
- #5,788
- Oct 31, 2009 12:15pm Oct 31, 2009 12:15pm
- | Joined Sep 2009 | Status: Kumo Soldier | 308 Posts
Don't trade against the trend unless you know the pair.
If you are trading many pairs, only take string signals.
If you are trading 1 or 2 pairs, then you can probably take a combination of signals as you will be more in tune with the market moves for that pair.
I trade kumo breakouts as well but I do not go against the 4hr or Daily trend. Perhaps this means I miss out on some good trades as the 1hr will signal a change in sentiment earlier than any of the higher charts but I like it this way. The 1hr is short enough to still be whipsawed out...
Looking back at my trades this week most of the losing ones where indeed against the trend, ie strong 1h Kumo breaks, I think from next week I will not place any trade that is against the 4h/daily trend and see how I go
It would be interesting to know your own personal methods on Ichi and if you are getting much success, I do belive strongly in the cross as per Vics rule at the beginning of this thread, but I trade 1h and above and there just does not seem to be enough trades to satisfy my need
- #5,791
- Edited 7:20pm Oct 31, 2009 1:43pm | Edited 7:20pm
Thanks San
Looking back at my trades this week most of the losing ones where indeed against the trend, ie strong 1h Kumo breaks, I think from next week I will not place any trade that is against the 4h/daily trend and see how I go
It would be interesting to know your own personal methods on Ichi and if you are getting much success, I do belive strongly in the cross as per Vics rule at the beginning of this thread, but I trade 1h and above and there just does not seem to be enough trades to satisfy my need
Well, I only stumbled on this thread a while ago but I have been trading kumo breaks on 1h/4hr/daily and I only take a 1hr kumo break if in line with the 4h and Daily trends. If you want more trades then you could skip the Daily trend as per rules on pages 1-10 but make sure you keep an eye on it for any potential resistance areas. If making more trades is your trading style then I wouldn't see a problem with just taking strong signals as per the original rules. I think the most important thing is to not try too many things at once. Personally, I have other methods to trade intraday so I look to itchi only for the longer term trades and that is why my interest is in kumo breaks, kumo bounces, and Ks bounces.
If I have a method that works, I trade that and anything new I demo trade until I prove to myself it works and can be added to my trading arsenal. I am quite happy on an average of 100 pips a week. I am sure you have come to note by now that everyone has a slightly different methodology but some key areas that are the same include consistency and the ability to stick to the method they have found profitable for them.
- #5,796
- Oct 31, 2009 9:08pm Oct 31, 2009 9:08pm
I just finally finished reading the whole thread!! First off all, thanks to everybody for all of the great contributions. I hope to contribute more in a couple weeks when I have more time to trade.
For now, I just wanted to comment on something, especially geared towards people who are new to trading or haven't found something that works for them yet. So many comments on this thread and others are people asking "how well does this system work? What is your tp and sl? What signal do you enter on?" etc. etc. etc. If you are wanting to make trading your full-time job, you need to put in some effort.
If you wanted to be a surgeon, would you just walk in, grab some scrubs and say, "where do I cut??" Of course not; trading is no different. If you are looking for signals or an EA to do all the work for you let me tell you something: Traders that are consistently successful don't have a reason to sell you signals or an EA. Also, even when great traders like Vic, 4xAddict, etc. post signals, take it as an opportunity to learn, not just a quick chance to (potentially) make a buck. Teach yourself to fish, and quit trying to eat their catchings.
It seems like many traders here don't really understand anything about Ichimoku, except that it works. (It does!) But, your trading will be so much more successful if you actually understand why. Read the ichimokuwiki.pdf! Read the thread! (that's right.. the whole thing. I know.. you want millions of dollars without having to read a 300 page book?? Lazy people without motivation DO NOT become successful in anything, especially trading)
Also, many people make comments like "price is attracted to flat ichimoku lines" etc. While I agree this is a statistically significant regular occurence, it is better to understand that price is NOT attracted to it. You're assuming the line pulls the price, however it is the price moving towards the center (from the high and low, which are the basis of almost all of the ichimoku parts) which CREATES the flat line. In other words.. when there is no new high or low for 26 periods (or whichever settings you use for each part), the lines flatten out. If you understand this, you can know ahead of time if a bar breaks a certain price the TS will bend upwards, or that on the next bar (number 10 from a recent high) the TS will bend downards (because that high bar is no longer in the calculation).
Some have asserted that these areas don't function as S/R. I disagree. I think it is commonly known that price retraces 50% of a significant amount of moves/trends. The lines in ichimoku are based on this (with the exception of senkou A, which I think is the weakest line), so using them as S/R is the same as using a 50% fib, which if used correctly can be great for S/R bounces.
The Chikou span also is not some sort of magical indicator. If the price is higher than it was 26 periods ago.. well.. you don't need to be a genius to know it is in an uptrend! (Even if only for the short term) Remember this is the point of the Chikou span, and saying it makes "Great S/R areas!" is just saying that a plot of the close of each bar makes great s/r. Of course areas where it bounced before have buy/sell orders, so of course they are s/r!
I just wanted to clear up these misconceptions, and I do not mean to offend anyone. I hope this helps someone who is trying to understand ichimoku. I think this is a great place to exchange knowledge on ichimoku, and I am open to learning about great strategies. One suggestion I do have is that people make sure something works before they post it But I think that is common sense.
Thanks again for your input everyone. I've learned a ton from all of the posts in this thread.
Let's work together and take some pips from the banks.
Cheers,
Cory
For now, I just wanted to comment on something, especially geared towards people who are new to trading or haven't found something that works for them yet. So many comments on this thread and others are people asking "how well does this system work? What is your tp and sl? What signal do you enter on?" etc. etc. etc. If you are wanting to make trading your full-time job, you need to put in some effort.
If you wanted to be a surgeon, would you just walk in, grab some scrubs and say, "where do I cut??" Of course not; trading is no different. If you are looking for signals or an EA to do all the work for you let me tell you something: Traders that are consistently successful don't have a reason to sell you signals or an EA. Also, even when great traders like Vic, 4xAddict, etc. post signals, take it as an opportunity to learn, not just a quick chance to (potentially) make a buck. Teach yourself to fish, and quit trying to eat their catchings.
It seems like many traders here don't really understand anything about Ichimoku, except that it works. (It does!) But, your trading will be so much more successful if you actually understand why. Read the ichimokuwiki.pdf! Read the thread! (that's right.. the whole thing. I know.. you want millions of dollars without having to read a 300 page book?? Lazy people without motivation DO NOT become successful in anything, especially trading)
Also, many people make comments like "price is attracted to flat ichimoku lines" etc. While I agree this is a statistically significant regular occurence, it is better to understand that price is NOT attracted to it. You're assuming the line pulls the price, however it is the price moving towards the center (from the high and low, which are the basis of almost all of the ichimoku parts) which CREATES the flat line. In other words.. when there is no new high or low for 26 periods (or whichever settings you use for each part), the lines flatten out. If you understand this, you can know ahead of time if a bar breaks a certain price the TS will bend upwards, or that on the next bar (number 10 from a recent high) the TS will bend downards (because that high bar is no longer in the calculation).
Some have asserted that these areas don't function as S/R. I disagree. I think it is commonly known that price retraces 50% of a significant amount of moves/trends. The lines in ichimoku are based on this (with the exception of senkou A, which I think is the weakest line), so using them as S/R is the same as using a 50% fib, which if used correctly can be great for S/R bounces.
The Chikou span also is not some sort of magical indicator. If the price is higher than it was 26 periods ago.. well.. you don't need to be a genius to know it is in an uptrend! (Even if only for the short term) Remember this is the point of the Chikou span, and saying it makes "Great S/R areas!" is just saying that a plot of the close of each bar makes great s/r. Of course areas where it bounced before have buy/sell orders, so of course they are s/r!
I just wanted to clear up these misconceptions, and I do not mean to offend anyone. I hope this helps someone who is trying to understand ichimoku. I think this is a great place to exchange knowledge on ichimoku, and I am open to learning about great strategies. One suggestion I do have is that people make sure something works before they post it
But I think that is common sense. Thanks again for your input everyone. I've learned a ton from all of the posts in this thread.
Let's work together and take some pips from the banks.
Cheers,
Cory
You could make 1 trade per week and get more than 100pips if it's the right one.
Well, I only stumbled on this thread a while ago but I have been trading kumo breaks on 1h/4hr/daily and I only take a 1hr kumo break if in line with the 4h and Daily trends. If you want more trades then you could skip the Daily trend as per rules on pages 1-10 but make sure you keep an eye on it for any potential resistance areas. If making more trades is your trading style then I wouldn't see a problem with just taking strong signals as per the original rules....
When you say you only trade H1 setup inline with H4 & D1 trend. What exactly you like to see in H4 & D1 ? Pls correct me if I am wrong. When you determine a trend in H4 & d1, do you look at the price above kumo for uptrend or below kumo for down trend only ?
Lets say we have a strong H1 beaish cross of TS over KS while in H4, we can see price trade above kumo but there is a bearish cross of TS with KS & price closed below KS, but overall the price is trading above kumo.
Do you consider this H4 up trend (bullish) or bearish ?
I am confuse here. Appreciate if you can kindly adv.
- #5,800
- Nov 1, 2009 2:05am Nov 1, 2009 2:05am
- | Commercial User | Joined Sep 2008 | 2,498 Posts
I just finally finished reading the whole thread!! First off all, thanks to everybody for all of the great contributions. I hope to contribute more in a couple weeks when I have more time to trade.
For now, I just wanted to comment on something, especially geared towards people who are new to trading or haven't found something that works for them yet. So many comments on this thread and others are people asking "how well does this system work? What is your tp and sl? What signal do you enter on?" etc. etc. etc. If you are wanting to make...
am sure very soon you will doing good trading
wishing you the best