ICHIMOKU indicators for day trading ES MINI | Traders Hideout


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ICHIMOKU indicators for day trading ES MINI

  #18 (permalink)

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To eliminate false signals in a sideways market why dont you measure chikospan in relation to price which is exactly what it is intended for? If it is say 4 periods away from possible contact with price then consider it a range. The difficult part of course is that the strength of ichimoku is as story telling system and not necessarily as a signal service so the location of chikospan to price must be considered in the context of price action to the cloud.

What I do is look for pullbacks in a short or long scenario because often the initial break (when bells are clanging , trumpets blaring, strobe lights strobing) puts you in at a bad location. If you look at your chart I marked up:

The A's: price is in bearish territory and has rallied back and broken above T+K BUT chiko is still clear of price, cloud is still negative, T+K still sloping down and price is below a strong senkospan B resistance. This screams short. You would have to be aggressive shorting the cross.

The B's: Exactly the same thing as before except in reverse. THis trade would not have resulted in much but there was a decent enough chance that price could have at least made another attempt at the highs.

I reckon that ichimoku can be a good automated early warning system but it still needs interpretation before puling the trigger.

btw nice idea on the mid line for the cloud, I never thought of that. Nice touch.

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