Hi guys, I just came across a comparison of indicators here
What is the Best Technical Indicator in Forex?
and it showed Ichimoku to be the best indicator out there. I would like to know the opinion of you guys here regarding this indicator. What are the advantages and disadvantages and does anyone here use them?
There is no such thing as the best anything when it comes to trading. It all boils down to what works for you as a trader so you should create a trading strategy which suits you and ignore all the noise about best this and best that.
Well, maybe it’d borne the palm of supremacy among other indicators, but it was only a particular backtesting. It all depends the way and time you apply them. Some of them needs just volatilty, others particular timeframe or pattern or significant changes in volume. I’ve tested all default indicators available at my MT4 platform, switched between different spread charging models (from Hotforex Premium to their Fixed spreads, Zero spread account and back to Fixed spreads :p), and only recent got an epiphany that the bent I’ve to follow is fundamental trading. Testing is the most efficient way to find your trump card in trading…
I think the more important question is if it is the best indicator for you? I use it, but others completely reject it.
As Rambo says is it right for you? Nothing works all the time. So while you’re finding out if it’s right for you, protect your bankroll. You’d be surprised the different feelings you have on any indicator or strategy after trying it for a few months. If you want more info search Manesh Patel uses it. I’m not recommending you buy any product or service he’s selling but he has a lot of free video’s on the cloud. There also is someone of this site who likes it. Sorry don’t know his name Hope that helps
Gp
Like other people said, there is not a “better” indicator IMO, maybe if this backtest was 10 years ago the result would be different, or changing the parameters of the indicators.
i personally really like ichimoku alot just wish i can find more material than just the same stuff repeated on every site.