Ichimoku EA ?!?

Gav9999 · August 13, 2015, 4:11pm

Newbie alert !!! - I have just joined so bear with me if any of my questions sound silly

I have always been interested in the ichimoku system. Is there any EA’s for MT4 or MT5 ??

What’s people view in general using this strategy?

And what’s the best time frame to use? ( that might be a very vague question)

Ta

lexys · August 13, 2015, 5:24pm

Welcome to the forum, Gav.

This is probably the only one of your three questions I’m really qualified to answer …

As with all trend-following indicator combinations, the longer the timeframes you use, the “more signal” and the “less noise” there’ll be, and the more reliable the outcome, I think.

In a way, perhaps, the question we/you should be asking about this is “Is this observation [U]more true[/U], or [U]less true[/U], of Ichimoku [I]than it is of other trend-following indicators[/I]?”.

All the information I’ve seen about Ichimoku in books, courses, websites and trading forums has strongly suggested that it’s more true of Ichimoku than it is of other indicators: I’ve even seen “experts” in the field stating flatly that Ichimoku won’t work (worth talking about) over short timeframes. The general consensus seems to be that it’s far better on daily and 4-hourly charts, not so helpful with anything less than that, and of very little value at all on charts like ten-minutes and five-minutes. From my own observations, and those of a couple of ex-institutional traders I know, this consensus view is entirely mistaken, and my own feeling about Ichimoku is that “noise to signal” view (mentioned above) is actually [B]less[/B] valid than is the case with other trend-related indicators.

I strongly suspect that the widespread view of Ichimoku may still be influenced by its originally having been invented/produced to trade stocks from daily charts.

There are a number of very widespread [U]myths[/U] about the Ichimoku indicators, in my opinion, and it pays to be very cautious over taking advice on this subject: this is one of the specific issues in trading in which I think the consensus can very easily be a misguided one.

3xfx · August 13, 2015, 6:27pm

I trade with Ichi a lot. Like lexsy said I use it on the daily the 4hr and I do like it on the h1 but no lower than that. There r Many different ways to trade with it.

As for a EA for MT4 I cant help with that, I dont use MT4.

TheLastBear · August 14, 2015, 3:25am

You should find an EA online if you search for it. I don’t use it and as far as best anything that is really up to you.

Gav9999 · August 14, 2015, 3:16pm

Thanks for all the replies - advice much appreciated

3xfx · August 14, 2015, 4:09pm

lexys:

Welcome to the forum, Gav.

This is probably the only one of your three questions I’m really qualified to answer …

As with all trend-following indicator combinations, the longer the timeframes you use, the “more signal” and the “less noise” there’ll be, and the more reliable the outcome, I think.

In a way, perhaps, the question we/you should be asking about this is “Is this observation [U]more true[/U], or [U]less true[/U], of Ichimoku [I]than it is of other trend-following indicators[/I]?”.

All the information I’ve seen about Ichimoku in books, courses, websites and trading forums has strongly suggested that it’s more true of Ichimoku than it is of other indicators: I’ve even seen “experts” in the field stating flatly that Ichimoku won’t work (worth talking about) over short timeframes. The general consensus seems to be that it’s far better on daily and 4-hourly charts, not so helpful with anything less than that, and of very little value at all on charts like ten-minutes and five-minutes. From my own observations, and those of a couple of ex-institutional traders I know, this consensus view is entirely mistaken, and my own feeling about Ichimoku is that “noise to signal” view (mentioned above) is actually [B]less[/B] valid than is the case with other trend-related indicators.

I strongly suspect that the widespread view of Ichimoku may still be influenced by its originally having been invented/produced to trade stocks from daily charts.

There are a number of very widespread [U]myths[/U] about the Ichimoku indicators, in my opinion, and it pays to be very cautious over taking advice on this subject: this is one of the specific issues in trading in which I think the consensus can very easily be a misguided one.

GOTTA say Nicee shoes:D lol