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Flirting with Ichimoku Kinko Hyo


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Flirting with Ichimoku Kinko Hyo

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  #31 (permalink)
 SteveM 
Toronto, Canada
 
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Hello

Thank you very much for your inquiring about my heatlh. I am well now. Thanks.

I am trading only with Ichimoku and nothing else. On my charts, you will only see Ichimoku indicator and nothing added or subtracted out it. There are no hit and trials with me any more and I have Ichimoku in its purest and original form. I feel I am not intelligent enough to alter the original formation of the indicator and therefore do not try to find another way around.

Once a few Ichimoku specialists gave the seminars in this forum, many people wanted to try it out, resulting in many ichimoku oriented threads. Not sure who is successful and who is struggling.

I can absolutely swear by Ichimoku. The only thing I have to say is that Ichimoku will not give you BUYs and SELLs. The various indicators of Ichimoku (KS, TS, SenkouA, SenkouB and Chikou) are purely tools to enhance the probability of success in trading. They give you various Support and Resistance levels.

Since I started and stopped contributing to this thread, I still continue doing what I was doing earlier. For Day Trading my time frames are 10 minutes and 2 Hours and for longer term trading, my charts are 2 hours and daily.

If you wish to know anything more, please ask me in private and I will be more than happy to share with you, whatever I know .




stretch View Post
Steve -

Noobie here - trying to get some traction. Have sim'ed daytrading with a couple of different platforms for a couple of years (while my buy and hold efforts did poorly). Some say trading is simple and that may be correct when one looks at a chart at 4pm EST, but getting a handle on it real time is certainly not easy. I have discovered one can spend a good amount of effort only to learn there are quite a few dead-ends. Your Ichimoku thread looked promising, and I thank you for stepping out in public with it.

May I ask, what has been your experience with Ichimoku since your most recent post here?

Hope your physical recovery was short and favorable.

Thanks.


Thanks
Steve
Be like a JAGUAR. Crouching, perfectly still, waiting for the set up to come to you, then pouncing without hesitation or thought. You only need one to feed the family
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  #32 (permalink)
BataviaTrader
Jakarta, Indonesia
 
 
Posts: 23 since Feb 2012
Thanks: 6 given, 8 received


SteveM View Post
Hello

I will be a bit slow in the current week due to surgeries on both my hands and next week I shall be on vacation with family. Please bare with me evryone.

Ichimoku is a trend based trading system. Here are my 4 Rules for looking at a chart to trade.


Bullish:
  1. Price should be above the cloud.
  2. The Price should be above the Tenkan Sen and Tenkan Sen to be above Kijun Sen.
  3. Chikou Span to be above the price which is 26 periods ago.
  4. Senkou Span A to be above Senkou Span B.
Bearish:
  1. Price should be below the cloud.
  2. The Price should be below the Tenkan Sen and Tenkan Sen to be below Kijun Sen.
  3. Chikou Span to be below the price which is 26 periods ago.
  4. Senkou Span A to be below Senkou Span B.
This is how I look at all times to take my trades.

Thanks


Hi SteveM

Im new here. Daytrading for the ES for 4 years, but still SIM, now having a go with Ichimoku. Seems totally like my cup of tea, but I am struggling with the TF. I'm on 5 min. Heikin Ashi candles.

May I ask what TF you're using? On most boards I found that Ichimoku would be more successful with longer time frames. Can you confirm that?

If I only want to use a 1-2% of my equity as stop loss, but my entries need to be pretty tight in that case, regarding my account.

It would be nice to start making a few bucks on the side, since i can't seem to make ends meet with a SIM account.

Would you have a spare line for a rookie on this? Thanks a bunch.

BT

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  #33 (permalink)
 SteveM 
Toronto, Canada
 
Experience: Beginner
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Broker: Amp Futures/ Zen-Fire
Trading: Still not sure what is my favourite instrument.
 
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Posts: 155 since Jul 2009
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Hello BT

If I may have the liberty to ask you, what made you get interested in Ichimoku??

As mentioned in my earlier posts, I am sticking to 10 minutes as my main time frame and 120 minutes as my higher time frame.

There is a huge misconecption in the world that Ichimoku is good for longer time frames. Ichimoku primarily is a Trend Based System. The longer the time frame, the longer the target and bigger the stop loss. Smaller the time frame, smaller will be the target and accordingly, smaller will be the stop loss. However, if the trend gets going, one is able to make more pips / ticks even through a smaller time frame and by graduating to the next higher time frame.

As I do not know what your initial investment in the trading market is, I will not be able to comment if 1% to 2% will be enough as a Stop Loss. If you are trading S&P and the amount of Stop Loss is much bigger than your 2% equity, than you have 2 options (in my opinion). Either you will have to put in more money to make your account be bigger in size or you switch to a smaller trading option. What I mean is instead of trading a standard lot, trade a mini lot. Or ideally, you could try your hands on currency trading as they even have smaller accounts, eg Mini Lot Account with $1.00 per pip (approximately) and Micro Lot Account with 10 Cents per pip. These small trade lots will give you the strength and confidence to trade in real time, without the fear of losing big and once you are comfortable, you may graduate to the higher trading level. These are just my opinion and is not written on stone. You be the best judge to it.

I can very well understand your situation as I have been through that path myself. Whether you believe me or not, I have done exactly what I have suggested you to do.

Hope this helps and in case you need to ask anything else, please feel free to ask away. Do not shy in asking anything. You need to ask to clear your doubts and be successful in trading business.



BataviaTrader View Post
Hi SteveM

Im new here. Daytrading for the ES for 4 years, but still SIM, now having a go with Ichimoku. Seems totally like my cup of tea, but I am struggling with the TF. I'm on 5 min. Heikin Ashi candles.

May I ask what TF you're using? On most boards I found that Ichimoku would be more successful with longer time frames. Can you confirm that?

If I only want to use a 1-2% of my equity as stop loss, but my entries need to be pretty tight in that case, regarding my account.

It would be nice to start making a few bucks on the side, since i can't seem to make ends meet with a SIM account.

Would you have a spare line for a rookie on this? Thanks a bunch.

BT


Thanks
Steve
Be like a JAGUAR. Crouching, perfectly still, waiting for the set up to come to you, then pouncing without hesitation or thought. You only need one to feed the family
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  #34 (permalink)
BataviaTrader
Jakarta, Indonesia
 
 
Posts: 23 since Feb 2012
Thanks: 6 given, 8 received

Hi SteveM

Thanks for the kind and extensive reply. Sorry I missed you use 10m as your main TF.

Your explanation really made sense to me, as I believe Ichimoku is a trend following system, therefor it confirms to me the sort of TF one uses is less important. I think I will continue to use my fav 5min TF, ive bin using 5min for ages now so why not just sticking with it.

The reason I uses Ichimoku is that it gives in one glimpse where the market stands in terms in strength and weakness, support and resistance, and consolidation. I think you are right that Ichimoku does not give signals, given that, I found myself entering a trade often too soon: at the moment all indicators are in favor (Chikou, Price and Senkou). It must have something to do with fear of missing out the new trend. I am working on that.

I'm on a 8k account, planning to take it bit by bit: starting with 1 contract, any resulting profits only to build equity, until I am able to trade 2 contracts.

Trading SIM, I try to stick with a 1,50 point target and a 1,25 stop-loss, as I believe my losses should be smaller than my profits. I read that many times sites discussing money management, of which is (to me) a very important subject right from the start.

My failing trades are mainly because

- entering too early
- entering a market where is very little action (narrow range, like 4 points on Fridays, looking for trades which are not there)
- widening the stop loss after I enter, hoping the market will turning back in my favor, when it is of course not doing all that. This will ruin my account on a bad day.


To keep track of my trading adventures I am keeping a journey to read back and look if there's any improvement over time.

Thanks a lot again for your response and happy trading.

best regards
BT




SteveM View Post
Hello BT

If I may have the liberty to ask you, what made you get interested in Ichimoku??

As mentioned in my earlier posts, I am sticking to 10 minutes as my main time frame and 120 minutes as my higher time frame.

There is a huge misconecption in the world that Ichimoku is good for longer time frames. Ichimoku primarily is a Trend Based System. The longer the time frame, the longer the target and bigger the stop loss. Smaller the time frame, smaller will be the target and accordingly, smaller will be the stop loss. However, if the trend gets going, one is able to make more pips / ticks even through a smaller time frame and by graduating to the next higher time frame.

As I do not know what your initial investment in the trading market is, I will not be able to comment if 1% to 2% will be enough as a Stop Loss. If you are trading S&P and the amount of Stop Loss is much bigger than your 2% equity, than you have 2 options (in my opinion). Either you will have to put in more money to make your account be bigger in size or you switch to a smaller trading option. What I mean is instead of trading a standard lot, trade a mini lot. Or ideally, you could try your hands on currency trading as they even have smaller accounts, eg Mini Lot Account with $1.00 per pip (approximately) and Micro Lot Account with 10 Cents per pip. These small trade lots will give you the strength and confidence to trade in real time, without the fear of losing big and once you are comfortable, you may graduate to the higher trading level. These are just my opinion and is not written on stone. You be the best judge to it.

I can very well understand your situation as I have been through that path myself. Whether you believe me or not, I have done exactly what I have suggested you to do.

Hope this helps and in case you need to ask anything else, please feel free to ask away. Do not shy in asking anything. You need to ask to clear your doubts and be successful in trading business.


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  #35 (permalink)
 GFIs1 
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Switzerland
 
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Hello SteveM & BT

May I throw in my 2 cents to the TF question?
Using Ichimoku already a long time for futures I see that everyone has a timeframe that fits his personality. For the Ichimoku there is always a big picture on higher timeframes that fortunately may help us to make a lot less minus trades.
To avoid some risky zones I am using the cloud on the daily. When price is moving into the cloud (daily/weekly) there is a zone of uncertainty starting with sideways moves or fast moves with rejection. So that area is very difficult to trade and in my opinion this area is it where beginners can avoid bad trades or overtrading respectively.
Another nice time frame is the 30 minutes (for futures) as the cloud acts like a "center zone" where the price from the last low to the center of the cloud is the measure (same distance to the opposite) to calculate the maximum when the price is exiting the cloud to find the price where the next high could be. And vice versa - very handy.
The other lines of the amazing Ichimoku system (especially the very useful Chikou Span) are not subject here as I am only referring to the timeframe content.

GFIs1

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  #36 (permalink)
BataviaTrader
Jakarta, Indonesia
 
 
Posts: 23 since Feb 2012
Thanks: 6 given, 8 received

Hi GFIs1,

I never liked it to be long in the market, so, on a 5m TF, I set small targets only, like 1,5 points (also because I have small account, so I can't afford myself trading with higher targets / wider stop-losses. But to be honest, about my SL I am still in doubt, when I set it too small, it gets hit, but only to see price going up again, and hit my initial target. I hate those trades. But when I set a wide SL, but my entry was so wrong, I lose like 4 points and I can't have that either.

So I am still finding a way to pass this stage and control my emotions not to move my 1,25 point SL when it is about to get hit. I am working on my entries too, which might help a bit.

happy trading,
BT





GFIs1 View Post
Hello SteveM & BT

May I throw in my 2 cents to the TF question?
Using Ichimoku already a long time for futures I see that everyone has a timeframe that fits his personality. For the Ichimoku there is always a big picture on higher timeframes that fortunately may help us to make a lot less minus trades.
To avoid some risky zones I am using the cloud on the daily. When price is moving into the cloud (daily/weekly) there is a zone of uncertainty starting with sideways moves or fast moves with rejection. So that area is very difficult to trade and in my opinion this area is it where beginners can avoid bad trades or overtrading respectively.
Another nice time frame is the 30 minutes (for futures) as the cloud acts like a "center zone" where the price from the last low to the center of the cloud is the measure (same distance to the opposite) to calculate the maximum when the price is exiting the cloud to find the price where the next high could be. And vice versa - very handy.
The other lines of the amazing Ichimoku system (especially the very useful Chikou Span) are not subject here as I am only referring to the timeframe content.

GFIs1


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  #37 (permalink)
 GFIs1 
Legendary Market Wizard
Switzerland
 
Experience: Intermediate
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Broker: IB / DTN
Trading: Futures
 
Posts: 5,776 since Feb 2012
Thanks: 5,517 given, 12,185 received

Hello BataviaTrader

In your case as you described it would then be useful to take only one risk stop:
Look for price in the daily timeframe - as long as the price is NOT IN the cloud:
TRADE
If price is IN the daily cloud: Do NOT trade.
That simple rule will help you to avoid many trades with negative outcome.

GFIs1

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  #38 (permalink)
 SteveM 
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Here is my today's trade on CL

Thanks for looking at it.

Thanks
Steve
Be like a JAGUAR. Crouching, perfectly still, waiting for the set up to come to you, then pouncing without hesitation or thought. You only need one to feed the family
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  #39 (permalink)
 SteveM 
Toronto, Canada
 
Experience: Beginner
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Broker: Amp Futures/ Zen-Fire
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Posts: 155 since Jul 2009
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Here is Crude Oil on April 27.

Thanks
Steve
Be like a JAGUAR. Crouching, perfectly still, waiting for the set up to come to you, then pouncing without hesitation or thought. You only need one to feed the family
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  #40 (permalink)
 Big Mike 
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SteveM View Post
Here is Crude Oil on April 27.

I am confused - are you entering based on a tick chart, and exiting based on a 10 minute chart?

Mike

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