Hello to all so I have a few questions as I am new to the ICHI
How does changing the setting to 16 from 26 help us in the trade I have attached a screen shot the red and yellow is the 9/16/52 and the blue grey is the 9/26/52. Would one setting offer more entries, safer entries etc?
Is M2 a better option then M3
I am starting to format a few rules for my system and would like some input if any on wishes. but before I get into that I would first like to say thanks to RP I have been a dismal trader and this method for the first time in years has given me hope that I can find success.
Hi Sanfranfan, Welcome aboard and thank for the kind words.
1) Originally the Ichimoku settings we started with were 4,3 trading on i min charts
2) I changed Ichimoku setting to 9, 16 because at lower setting I didn't think the cloud was providing any real value, could use a MA just as easily.
3) At 9, 16 there will be less trades and its easier to miss out on sideways movement.
4) The chikous setting of 52 to me is superfluous for day trading so I color it the same as the background.
5) I switched to range bars because they help smooth out charts, but not too much, Renko bricks smooth too much for my taste, losing valauble insight on PA.
6) I think the std. 9,26 will keep you out of too many trades, but if your tendency is to over trade it could help.
All this being said I encourage people to feel free to tweak and play around with the system if it improves your comfort level and improves your results. I trade
4 different systems and every one of them is a system I picked up along the way and modified to suit my needs.
the most important aspect in trading is discipline as everybody said...
and its interesting when u say "I trade 4 different systems" individually and not shuffle them !
thus if u,d open another thread for another good simple system like this one here and etc... i believe it will make a great practical lesson for the most important aspect in trading
I keep getting asked if I will manage accounts, provide a signal service or mirror trading. The answer to those questions are NO. I started the thread in the hope
that some would learn to be consistently profitable. Trading per se is not hard, its putting all the elements of it together in 1 package thats difficult.
To succeed as a trader you need to do the following 1) Discover what kind of trader you are, day, swing, long term?
2) Discipline
3) Good money management/Risk analysis.
4) 1 0r 2 decent trading systems, with a good working knowledge of price action and S?R.
5) This is a tough one, Be Mr. Spock(emotional trading decisions are almost always bad.)
Learning to be a good trader is truly liberating, no more 9 to 5, no more bosses, no more clients, no more employees. You can work from anywhere you desire
work as many or as few hours as you wish and have time for the most important things in life family and friends. It took me 3 blown account and 3 years to
learn to be profitable, but the journey was a blast.
Well I hope some of you caught the GBP moves early today. So far 1 closed trade for on CL and 1 trade still open on AUD/JPY. Other wise not much going on.
Well I hope some of you caught the GBP moves early today. So far 1 closed trade for on CL and 1 trade still open on AUD/JPY. Other wise not much going on. {image}
Ignored
Rocky, GBP was quite fast before New York open, more trade able were moves on AudUsd, NzdUsd,UsdCad after.
U r right Snail69, but I was done by the open. I was referring to london session. Spectacular day here with perfect wind running acrros and in to the beach. So we went kite boarding then tookn dune buggy out to the Oyster farms for lunch and cerveza, all in all a most excellent day
Hi,all friends, thank u for sharing , it helped me a lot . I have one question, here is AudUSD 4H chart, I saw candle and chikou span already beyond cloud , but the right kumo shows bearish , daily chart shows its bullish. So can I make buy order according to the indicator in 4H charts ? My setting is (9,26,52)
Hi Charleen, You really don't want advice from me ion a chart longer than 15 min. time frame, it would probably cost you money. I just don't have the patience.
I'm a little out of it today taking some allergy meds so call me foggy, let me know if I stop making sense. All my trades were of my favorite type long period sideways movement followed by a breakout.
Trading with range bars ichimoku cloud & awesome oscillator
