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Ichimoku forever

  • #10,981
  • Edited 4:19pm Mar 21, 2010 3:57pm | Edited 4:19pm
Hi Vic, looking forward to it...and the weeks trading.

See all you guys in a few hours, Im off to bed before the European session starts, waiting for those spreads to get real again...12.5 spread on cable at the moment!!
  • #10,982
  • Mar 21, 2010 4:36pm Mar 21, 2010 4:36pm
Ok!! Here's What I got so far...

Note: Each number corresponds to a number on the image.

Here's an example on EURUSD. I first take a look at H4 and notice there is a kumo breakout. In the picture we can see...

1. A bearish tenkan/kijun cross
2. A candle has closed below the kumo
3. Chikou has broken through the kumo, and confirms bearish trend, as its below price action.
4. Leading kumo is bearish, further strengthening bearish bias

It's looking good so far, however we need to make sure this isn't a false signal, that price action will to move down further. So I look at the daily chart.

On the daily chart we can see...

1. Price action is still consolidating between 1.4503 and 1.4244
2. Once support is broken, I enter the trade at the close of the candle
3. I put my stop loss at #3
4. I close the trade at the next tenkan/kijun cross

Note: I continue to move my stop loss on a new lower low, to breakeven and lock in profits.

Any and all comments are welcome on this!!

Quoting ichi360
Sounds like a plan ... but can you put it on a chart to show us an example ?
Attached Image(s) (click to enlarge)
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  • #10,983
  • Mar 21, 2010 5:08pm Mar 21, 2010 5:08pm
Quoting ichi360
Thats right, US Brokers can not offer you CFDs http://en.wikipedia.org/wiki/Contract_For_Difference

However we can always use Oversears brokers and neverthless there is no harm in trying / learning something new ... how would US guys trade these live is something that can be sorted out later ...

Thanks. I'm in.

Wile E
  • #10,984
  • Mar 21, 2010 5:35pm Mar 21, 2010 5:35pm
Oh man. I have just spent the last few weeks of my life reading every page of this thread, and it was well worth it. You guys are the masters.

My thank you to you to kick the new week off.

Inserted Video
  • #10,985
  • Mar 21, 2010 8:44pm Mar 21, 2010 8:44pm
I know how religiously people follow Stop Loss strategy … SL 10 pips away from the Entry, SL 20 pips away from the Entry price, SL here and SL there … but have you ever thought about the following things:

 

  1. Why do you need Stop Loss ?
  2. Where should Stop Loss be ?
  3. What to do if you’ve been Stopped Out ?

Why do you need Stop Loss ?
Stop Loss is to make sure trade doesn’t blow up your account. So for example when you entered into a trade with a particular bias in your mind (of course based on some sort of analysis) and when that bias did not play out, you don’t want to stay in the trade for ever … Simple … no difference of opinion in this … everyone needs SL and everyone should have SL

The worst thing is to get stopped out for twice (as shown in chart) and then miss the Real smooth run which had every potential to not only cover your losses but also to boost your account by giving you a nice decent profit

Where should Stop Loss be ?
Before you jump and say 10, 20, 50, 500 or whatsoever pips away from your Entry Price, let me ask you the Technical or Logical Reason why that particular number ? You’re not following Numerology … are you ?
I find it hard to believe that our SL has to be a hard-coded / fixed digit number away from the entry price. My SL is always at a place where I’m unable to justify to myself to stay in the trade anymore. Suppose I’m looking for a Bearish Kumo Breakout (as shown in chart), my SL should be placed above the Kumo Cloud. That will be the place where my Bias is no longer valid and either the Trend has reversed or the Bears were just not able to take control of the market. If I placed my SL at 20 pips away and the Bears got control from the 30 pips … then what ???


What to do if you’ve been Stopped Out ?
Of course different people follow different logic, some people stop trading that pair forever, some for a limited time period and some go out of trading for the whole week or a month and so on. I on the other hand like to trade with consistency, I understand that the price is bound to make a few zigzag moves before giving control to either the Bulls or Bears. Its just testing time for our Patience. We need to trust our system and trust the overall trend analysis. The worst thing is to get stopped out for twice (as shown in chart) and then miss the Real smooth run which had every potential to not only cover your losses but also to boost your account by giving you a nice decent profit

We just can not trade consistantly and successfully until and unless we take the FEAR of losing out of our mind …

Attached Image (click to enlarge)
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  • #10,986
  • Mar 21, 2010 9:03pm Mar 21, 2010 9:03pm
Believed me, you better set Sl, if not u ended up like me...hanging on to a thread and trying to stay in the game. Not a good position to be in and not forgetting the stress!

Cheers!
  • #10,987
  • Mar 21, 2010 9:45pm Mar 21, 2010 9:45pm
Quoting TraderHomer
Oh man. I have just spent the last few weeks of my life reading every page of this thread, and it was well worth it. You guys are the masters.

My thank you to you to kick the new week off.

http://www.youtube.com/watch?v=zvoeeq-BH4w
Welcome, and many pippin returns to you!

Chngster
Thank you Crucial Point, Bleek, Trizzle, Darkstar
  • #10,988
  • Mar 21, 2010 9:47pm Mar 21, 2010 9:47pm
hey Ichi,

is this in regards to my post? I used a stop loss. I know very well the reasons why i need to use a stop loss, I learned the hard way.

Quoting ichi360
I know how religiously people follow Stop Loss strategy … SL 10 pips away from the Entry, SL 20 pips away from the Entry price, SL here and SL there … but have you ever thought about the following things:

 

  1. Why do you need Stop Loss ?
  2. Where should Stop Loss be ?
  3. What to do if you’ve been Stopped Out ?

Why do you need Stop Loss ?
Stop Loss is to make sure trade doesn’t blow up your account. So for example when you entered into a trade with a particular bias in your mind (of course based on some sort of analysis)...

  • #10,989
  • Mar 21, 2010 10:18pm Mar 21, 2010 10:18pm
Which post Eurisko ?

And I never intented to say NOT to use SL ... my point was that SL doesnt have to be a Fixed number and it shouldnt lead to a situation where the SL is just meant to to be taken out and then travel in the same direction as we anticipated ...

not sure which post you're referring to ...


Quoting eurisko
hey Ichi,

is this in regards to my post? I used a stop loss. I know very well the reasons why i need to use a stop loss, I learned the hard way.
  • #10,990
  • Mar 21, 2010 10:52pm Mar 21, 2010 10:52pm
hey Ichi!

Oh, I thought it was in regards to something I recently posted about your comments of showing my trading stratedy with some charts. The post is right here...

http://www.forexfactory.com/showthre...21#post3571021

If you could kindly comment on it, it would greatly help my understanding of ichimoku. Thanks!!

Quoting ichi360
Which post Eurisko ?

And I never intented to say NOT to use SL ... my point was that SL doesnt have to be a Fixed number and it shouldnt lead to a situation where the SL is just meant to to be taken out and then travel in the same direction as we anticipated ...

not sure which post you're referring to ...
  • #10,991
  • Mar 22, 2010 12:18am Mar 22, 2010 12:18am
Yupps as I said earlier it sounds like a plan ... its more or less similar to my trading strategy too except that I also look at the Lower timeframe to make sure everything is in line ...

wish you all the best with your trading.

Quoting eurisko
hey Ichi!

Oh, I thought it was in regards to something I recently posted about your comments of showing my trading stratedy with some charts. The post is right here...

http://www.forexfactory.com/showthre...21#post3571021

If you could kindly comment on it, it would greatly help my understanding of ichimoku. Thanks!!
  • #10,992
  • Mar 22, 2010 12:42am Mar 22, 2010 12:42am
i just opened a long position on usdchf. hope that it works fine. and im off to class. c u later masters.
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  • #10,993
  • Mar 22, 2010 12:48am Mar 22, 2010 12:48am
Good day Ichi warriors... I've been reading the post for sometime now... where is our thread starter ... I need to say that what a great job he has done .. More Power (Pips)...
  • #10,994
  • Mar 22, 2010 1:25am Mar 22, 2010 1:25am
Are you now trading 15mn Breakouts ?

your charts look absolutely gorgeous

Quoting fxripper
i just opened a long position on usdchf. hope that it works fine. and im off to class. c u later masters.
  • #10,995
  • Mar 22, 2010 1:50am Mar 22, 2010 1:50am
Quoting ichi360
Are you now trading 15mn Breakouts ?

your charts look absolutely gorgeous
it is my first 15 min breakout trade master. hehe. thanks
  • #10,996
  • Mar 22, 2010 1:52am Mar 22, 2010 1:52am
Good morning everyone

wishing you all a great trading week, my first thoughts of the day
USD JPY are we getting ready for a full signal to go long !!
any ideas ???!!!
Attached Image (click to enlarge)
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  • #10,997
  • Mar 22, 2010 2:05am Mar 22, 2010 2:05am
GBP USD ready to rebound again of the Suppot Levels? Stochastich says over sold, PA has had trouble at thes support levels previuoly.....Or do we wait a while longer to see how it plays out? I have gone long, am I to early or reading it all wrong...?
Attached Image (click to enlarge)
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  • #10,998
  • Mar 22, 2010 2:09am Mar 22, 2010 2:09am
this call is good for me, i think daily 4hrs n 1hr charts are aligned together now
Attached Image(s) (click to enlarge)
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  • #10,999
  • Mar 22, 2010 2:16am Mar 22, 2010 2:16am
Wow UJ seems to be looking like a LONG here...

I may take a dabble...smaller risk considering its a Monday

GL to everyone this week!
Attached Image (click to enlarge)
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  • #11,000
  • Mar 22, 2010 2:17am Mar 22, 2010 2:17am
If it breaks R at this level looks like a run to 91.80 or so...?
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