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Ichimoku King System

  • #201
  • Aug 14, 2013 7:49am Aug 14, 2013 7:49am
The GBP/USD pair could go up. We have the chinkou span over price, the cloud break, but the tenkan kijun crossover is not yet very clear.
Attached Image (click to enlarge)
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  • #202
  • Aug 14, 2013 8:52am Aug 14, 2013 8:52am
Quoting irish
anybody out there can recommend on how to not enter a trade on a fake break of the kumo cloud. I think this is an important issue. at the momment i am entering 2 trades one with a 20 pip profit target the other break even when first profit target is hit if the chikou line moves through price ( 26 periods behind current ) whichever happens sooner i am out of my second trade
Some ideas:
-wait 2-3 candles after the breakout for confirmation;
-do not enter trade when the oposite sides of the cloud are flat or when the could is very thin;
-do not enter trade when the price moves sideways;
-enter only in the direction of the main trend; (avoid entering on periods of retracements or consolidation)
And of course don't trade before big news.
  • #203
  • Aug 14, 2013 2:23pm Aug 14, 2013 2:23pm
thanks for that reply will try it and let you know how i fair out
  • #204
  • Aug 14, 2013 6:58pm Aug 14, 2013 6:58pm
Quoting Misu22
{quote} I see you mentioned using the fibo lines for stop loss. From your experience is it better than using the 50 pips stop loss, or the change in signals?
Im not an expert on Ichimoku, but I trade price action in longer time frames (4hrs and daily) using Candlestick patterns, fibonacci lines, and support/resistance lines.
I dont want to change the rules of this thread... This is just my view point answering your question. Look at the chart and you have multiple options for profit taking (and so for stop lose displacements):
1) 50% fibo retracement
2) Price closing under kijoun line
3) 61.8% fibo retracement
4) Tenkan crossing down kijoun line
5) Possible candle close under senkan A line (that is at the level of 50% fibo)
6) Chikou line crossind down to candle (near point 1)

Notice also that support )a, b, c , d) and resistance (A, B, C) lines have been drawn using Chikou spikes and those lines are agree with 50 and 68.5% fibo retracement

The gold question... wich one is better? ... Personaly I value all of them and decide taking account your risk tolerance and money management.
Some traders would stay in trade waiting a rebound in Senkan A support for more advance, while others have closed their possitions hours ago and are waiting for a new buy at this leve... Trading is discretionary, there are not fixed fules
Also for avoid fake entrance, you must take in account price action, support an resistance levels and fibo, in addition to Ichimoku trades

Just my 2 cents
Attached Image (click to enlarge)
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"Even A Thousand Mile Journey Begins with the First Step"
  • #205
  • Aug 15, 2013 3:48am Aug 15, 2013 3:48am
Quoting Misu22
{quote} Some ideas: -wait 2-3 candles after the breakout for confirmation; -do not enter trade when the oposite sides of the cloud are flat or when the could is very thin; -do not enter trade when the price moves sideways; -enter only in the direction of the main trend; (avoid entering on periods of retracements or consolidation) And of course don't trade before big news.
Solid advice here. Ichi is great for trading the trend. As someone mentioned it can be late getting you in a reversal (remember it was designed to be used on the Daily TF). If you want to further qualify signals, only take neutral or strong TK crosses (if going long the cross happens either in the cloud (neutral) or above the cloud (Strong).

One of the principles of ichi is that price wants to always get back to equilibrium. ie if price moves too far from the Kijun it will look to come back towards it (ie a pullback).

The cloud should be seen as dynamic S/R. it is an area of S/R. Therefore, the thicker the cloud the strong the S/R and therefore when price breaks a thicker cloud, it is a stronger break of SR (and will probably retest) - you can take the retest (a kumo bounce). EDIT. Also a flat top or bottom on the cloud is a strong S/R price point.

I would only take trades that are a clear break of the kumo (ie not the price coming out of the side of the cloud).

Just my 2 cents
  • #206
  • Aug 15, 2013 9:54pm Aug 15, 2013 9:54pm
Hi there IchimokuKing,

Read the thread with great interest and have boon doing some back testing and paper trading and system seems to hold up pretty well. However, I have a question about varying signals setting up between Daily, 4H and 1H TF. For example, AUD/USD daily is clearly in downtrend but bouncing off Kumo, 4H has Tenkan crossing Kigun from above but looks like consolidation whilst in 1H Tenkan crosses Kigun from below in cloud with PA moving higher having broken through cloud. Would you ignore 4H and 1H, waiting for them to confirm resumption of downward trend obvious in daily chart.

Thanks
  • #207
  • Aug 17, 2013 9:37am Aug 17, 2013 9:37am
One useful tip on entry is make sure that the entry price is NOT too far from the kijun line otherwise the price will try to swing back closer to the kijun line. Try to be less than 300 pips apart.
  • #208
  • Aug 18, 2013 11:22am Aug 18, 2013 11:22am
possible pullback due to divergence on macd and rsi indicator
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  • #209
  • Aug 18, 2013 2:26pm Aug 18, 2013 2:26pm
i'm not sure on the use of the macd and rsi on an ichimoku chart. it also goes against the TP part of the ichimoku king system. whilst i don't think that the TP should be fixed, i've never really seen MACD, RSI etc as a consistently reliable indicator to TP. In this instance it does look overbought...
Quoting sirji
possible pullback due to divergence on macd and rsi indicator {image}
  • #210
  • Aug 18, 2013 2:48pm Aug 18, 2013 2:48pm
Quoting captaincol
i'm not sure on the use of the macd and rsi on an ichimoku chart. it also goes against the TP part of the Ichimoku king system. whilst i don't think that the TP should be fixed, i've never really seen MACD, RSI etc as a consistently reliable indicator to TP. In this instance it does look overbought... {quote}
I agree that macd, rsi, adx and what have you should not be added as additional indi. In fact, Ichimoku is complete in its form. When all Ichimoku indicators are in favor and close above the last support / resistance, you can enter. Since this is a trend following system, it's best to utilize it at its max and let the price action do it's job, aka no target, just a trailing stop (starting at Kijun-Sen). Alternatively, you could set the daily pivots minus 1 tick as targets.

BT
  • #211
  • Aug 21, 2013 1:33am Aug 21, 2013 1:33am
Just wanted to add a handy ichi indi that gives you a signal of whats going on in all TF's without having 8 charts open for each TF

Cheers
Attached File(s)
File Type: ex4 Ichimoku_Signal (3).ex4   45 KB | 774 downloads
  • #212
  • Aug 22, 2013 5:29pm Aug 22, 2013 5:29pm
Quoting Acroix70
Just wanted to add a handy ichi indi that gives you a signal of whats going on in all TF's without having 8 charts open for each TF Cheers {file}
Hi there Acroix70,

Just tried indicator but it causes my MT to freeze. Any suggestions?
  • #213
  • Aug 24, 2013 9:39pm Aug 24, 2013 9:39pm
http://charts.mql5.com/2/353/eurcad-...st-com-ltd.png

http://charts.mql5.com/2/353/eurcad-...-com-ltd-2.png

strong signal

SKA and SKB cross

chikou above price and Kumo

volume up

what do u think wrong or ringht? ^ ^
  • #214
  • Aug 25, 2013 3:13am Aug 25, 2013 3:13am
For me, when three criteria met, wait for pullback, no pullback no trade. Trade taken on smaller TF ( TF5 suits me) with other indicator(s) for confirmation
  • #215
  • Aug 25, 2013 11:16am Aug 25, 2013 11:16am
Eur/Cad all indicators show a buy long but look at weekly at support ???
  • #216
  • Aug 25, 2013 1:23pm Aug 25, 2013 1:23pm
Quoting nino110265
{image} {image} strong signal SKA and SKB cross chikou above price and Kumo volume up what do u think wrong or ringht? ^ ^
To me it looks like a bit late to go Long. It would not jump in. Trend might have almost ended.
  • #217
  • Aug 25, 2013 9:33pm Aug 25, 2013 9:33pm
Quoting BataviaTrade
{quote} To me it looks like a bit late to go Long. It would not jump in. Trend might have almost ended.
i understand, but ichimoku is just momentum indicator so it is not at all

wait see
  • #218
  • Aug 26, 2013 2:22am Aug 26, 2013 2:22am
Quoting nino110265
{quote} i understand, but ichimoku is just momentum indicator so it is not at all wait see

If you have entered, a good reference as target might be the next Pivot point.
  • #219
  • Dec 9, 2013 9:30am Dec 9, 2013 9:30am
I've been backtesting ichimoku for 6 months now with my custom EA. My testing exposed that the number of bars between the past cloud (ichimoku shadow) and the close matters.

In other words, in the original screen shot, price action is too close to the cloud in the past to be profitable historically.

Have you tested that?
  • #220
  • Dec 21, 2013 4:21pm Dec 21, 2013 4:21pm
Is there anyone who makes consistant profit with that Sytsem?
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