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Ollie's Cloud Formations
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Ollie's Cloud Formations

  #1 (permalink)
Elite Member
St. Petersburg, Fl
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: CQG
Favorite Futures: ES,NQ, YM, CL,6E
 
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Posts: 176 since Apr 2010
Thanks: 21 given, 172 received

Ollie's Cloud Formations

Come on admit, how many times have you looked up at the clouds and saw an elephant, a dog running or a clown face?

This is my journal on learning ichimoku. When I first started trading five years ago I came across this system, however I did not have the knowledge base to understand it. A line that is displaced back, lines that form a forward cloud, at times a very cluttered chart.

I have bounced around from one indicator to another, one system or method to another. I have always tried to keep it simple. I have never understood how people have several indicators on the chart and in panels, by the time all are in agreement the trade past you by. This is what drew me back to ichimoku, its simplicity.

I have a simple way of trading now, and I will post a picture of it. As you gain more experience and confidence your style and method of trading changes as well. I still look to keep it as simple as possible.

I am a retired business owner. I operated a restaurant for 22 years. It takes its toll on you working every night, weekend and holiday, not to mention the 100 hours a week I put in. It can be very stressfull at times. I had 55 employees who have 55 attitudes, deliveries that are late, people who are always trying to get somethimg for free. It all took its toll. I sold when I started to hate going to work.

I retired when I was 42. I joined two country clubs, traveled, bought a sailboat, I did the retirement thing. It was my money manager who suggested I take some funds and learn how to invest it. This lead to learning about stocks, which lead to forex trading, which lead to futures trading.

My investor personality is conservative. I worked hard for my money and have always protected it. This is my emotional baggage that I deal with every trade. I can't tell you how many times I have been stopped out only to have the trade go on to be a winner.

This is me in a nut shell. I did make two trades on 6E today, both winners. I will post charts. The trades will be in SIM as I am new to ichimoku.

Keep things as simple as possible, but no simplier. Albert Einstein
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  #3 (permalink)
Elite Member
St. Petersburg, Fl
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: CQG
Favorite Futures: ES,NQ, YM, CL,6E
 
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Posts: 176 since Apr 2010
Thanks: 21 given, 172 received

Todays Trades


Here are my two trades on 6E. The first trade I thought was a good entry. The second trade was not a good ichimoku trade as the red line was still below the blue. It did feel good to have winning trades, a little success builds confidence.

Two trades +20 pips. I usually only go for small trades. I would rather hit a single and get on base than always swing for a big winner. Again I know my investor personality is conservative.

Keep things as simple as possible, but no simplier. Albert Einstein
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  #4 (permalink)
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Posts: 176 since Apr 2010
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First trade today

Overall I felt vert good about this set up. I watched Manesh Patel's seminar again last night, and this was the same set up he used. For know I will keep the indicators in the lower panels, it gives me that extra confirmation during the learning process.

I know ichomoku is a trend method and becomes clear where the trades are when price is trending. It can be confusing when all the lines clutter up the chart.

Keep things as simple as possible, but no simplier. Albert Einstein
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  #5 (permalink)
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Cl trade a loss

I lost 5 ticks on this trade. I do not trade oil, I thought it would offer more opportunity to take trades and practice on.

All the elements looked fine and a good set up. I was looking for it to continue down. Overall I felt confident going into the trade. It made a lower high and I thought it would follow through.

Keep things as simple as possible, but no simplier. Albert Einstein
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  #6 (permalink)
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CL winner

My second trade. When price broke the cloud I waited for it to retrace back to trend line. Placed my order and waited for it to follow through. I feel like I am following ichimoku rules, however at this point I think even if a set up is valid that it can still lead to a false breakout signal.

Today I went 2 for 3 in trades. +10 pips on 6E, two trades on CL for a +5 ticks.

Keep things as simple as possible, but no simplier. Albert Einstein
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  #7 (permalink)
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Futures Experience: Intermediate
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Posts: 176 since Apr 2010
Thanks: 21 given, 172 received

Over the weekend I read many articles and looked at examples of how traders use ichimoku. If you ask 100 people what they trade and how they do it you will get 100 different answers and none of them are wrong. Same with ichimoku. Even the two experts who did seminars on futures.io (formerly BMT) interpret it differently. The youtube videos I watched all had different ways of using it as well.

Since I usually try to get 10 pips from a trade I wanted to come up with settings that would offer more set up opportunities. I felt if I miss a trade at 3AM or miss an opportunity to reenter a trend I had alot of time wasted waiting for a setup.

This week I will use the settings of 8, 21, 34. I read an article by a forex trader who uses these settings for day trading, oddly they are all fib numbers.

Today I went 4 for 4 a totle of +40 pips. I followed Manesh Patel's cloud break set up of price breaking the cloud, red line, than blue line and the lagging span confirming. I stll used the macd and stoc for confirmation as well.

Keep things as simple as possible, but no simplier. Albert Einstein
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  #8 (permalink)
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Posts: 176 since Apr 2010
Thanks: 21 given, 172 received

Today 6E tenkan and kijun cross

I usually do not trade time based bars as they tend to be choppy looking at the chart. I like using range no gap as they tend to make the chart smoother and easier for me to trade. However I was looking at a 5M chart and saw the kijun and tenkan cross under the cloud and entered that trade based on that cross.

So far I like using ichimoku, however I know I am not using it to my full advantage. So much of the information I read conflicts with each other on its usage and interpretation I am not sure what to believe.

Keep things as simple as possible, but no simplier. Albert Einstein
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  #9 (permalink)
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Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: CQG
Favorite Futures: ES,NQ, YM, CL,6E
 
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Posts: 176 since Apr 2010
Thanks: 21 given, 172 received

6E Chart

I did not make any trades today. I was just going over todays charts looking for ichi setups. Here are three that were on Euro.

Keep things as simple as possible, but no simplier. Albert Einstein
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  #10 (permalink)
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Futures Experience: Intermediate
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Posts: 176 since Apr 2010
Thanks: 21 given, 172 received

6e


First trade today. Continuation of trend. Is there a possible pull back or trend reversal in the works. Look at thinning of cloud and price closed below kijun line.

Keep things as simple as possible, but no simplier. Albert Einstein
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