Hi All,
I am interested in doing scalp trading a little more successfully and I have been reading a fair bit on Ichimoku, however i wanted to get some real-life advice.
Does anyone trade ichimoku on the 1-MIN timeframe? Is it successful? Can anyone provide some tips on trading ichi with 1-MIN timeframe?
I have tried this several times, but dont seem to come out all on top. I have been following the signals, and have some good indicators working. I do read in some articles that 1-MIN is not really an effective way to use ichimoku.
Hi All,
I am interested in doing scalp trading a little more successfully and I have been reading a fair bit on Ichimoku, however i wanted to get some real-life advice.
Does anyone trade ichimoku on the 1-MIN timeframe? Is it successful? Can anyone provide some tips on trading ichi with 1-MIN timeframe?
I have tried this several times, but dont seem to come out all on top. I have been following the signals, and have some good indicators working. I do read in some articles that 1-MIN is not really an effective way to use ichimoku.
1} I was reading up on the indicator recently. What Iām not getting is how to calculate support and resistance from the CS line.
2} For number 2 condition is it the closed price 26 periods ago? For example (SELL) for condition number 2 CS should be below current price, are you saying that the closed frice 26 periods ago should be below current price?
Support and resistance on the Chikou span are identified as the peaks and valleys the chikou make. Draw a horizontal line from any peak or low in the chikou and you will see it lines up with the close prices and shows you resistance/support āat a glanceā no math involved, just look.
Bullish Chikou is the tip of the Chikou above the price it is currently at (the one 26 periods ago)
visa versa for bearish and it being below the 26th period ago price
if the chikou is traveling THROUGH price this is neutral signal
Iāve been checking it against historical data and it is pretty accurate concerning the crossover spotting. The stop/limit orders you base on the chikou are somewhat conservative, because Iāve noticed trends gaining more pips than the chikou line limit - but since the signals are somewhat reliable I suppose that conservative trading secures more pips.
There is some incorrect information in this thread. First off Ichimoku does not use 26 periods because of the Japanese work week. The developer of Ichimoku spent almost 5 years studying number theory in order to arrive at his number sequence (9, 17, 26, 33, 42, 65, 76, 129, 172 etc.) There is a whole component to Ichimoku which isnāt taught about time theory which has to do with the locations of pivots around this number sequence.
The Chikou is not difficult to understand. It is the current closes projected back 26 periods of time. For the best bullish signal you want price to be above the cloud, with Tenkan crossing over Kijun and the Chikou above price. It obviously canāt be above the current price but it can be above or below price 26 bars ago. It should also ideally be above the cloud.
The key with the Chikou is that it is either above or below price (or inside) 26 bars ago NOT current price. Only look directly above or below the Chikou to determine this.
Sorry my chart notes arenāt very visible. I basically and highlighting support and resistance from the cloud, that price gaps through resistance (a good short could be initiated at this resistance level), that there was a Tenkan-Kijun cross and the Chikou is below price and about to exit the cloud. In the second image I show where price acted as resistance for the Chikou. You can also see heavy resistance in the future for the Euro making it more likely that it continues lower in the coming month.
IMO the Chikou is the most important line in the Ichimoku system. Its similar to a momentum indicator where you want no obstacles in its way.
I currently use it on the 1 min chart but my settings are different. I use 8,5,3 and only use the cloud as the enter and exit. IF the candle closes outside the cloud on the up side (buy) and is not touching it then i take a buy order one tick above the candles high. The opposite for a sell. I target around 4 pips per move, granted it will give a lot of signals but i only trade it from 3am to 6am NY time to only.
Yertleturtle is correct about messing with the numbers, although Iām guessing he got this info about the Ichimoku Number theory from my webinar I did on it via Big Mike Trading.
Goichi Hosada spent 4.5years studying both eastern and western number theories and the core numbers he got out of his studies were 9, 17, and 26. When one really understands the entire ichimoku number system, the rest really come out of these numbers, but perhaps Iāll talk about this further in the future.
Iāll be writing an article on this on my website soon, but the main ichimoku numbers have a certain vibration that hosada had discovered, and that is why I always recommend keeping the original ichimoku numbers regardless of time frame.
Newbie here and first post, love this forum!
I want to practice the Ichimoku, can you provide me with some platforms where i can do that for free? Preferably Mac enabled
The only Mac enabled one I know of is ThinkorSwim from TD Ameritrade - otherwise you might have to run parallels or another virtual machine. There are indicators for it in MT4, Tradestation, Ninjatrader and Ensign. Iām sure others as well but those are the only ones I know of first hand.
Hello Chris,
I donāt really understand your phrase. Do you mean that the ichimoku setting people should use is 9/17/26 (instead of the traditional 9/26/52), or do you mean that we should keep using 9/26/52, and that this setting is result of some calculation involving the numbers 9, 17 and 26 ?
The main ichimoku settings are based on the ichimoku number system, primarily the 9,17,26 numbers which are considered the basic numbers.
9+17=26
9 is a basic number and a part of the tenkan
The 26 is the kijun
26 x2 = 52 which is part of senkou span b
That is a basic breakdown, but what im saying to be clear is to only use the traditional ichimoku settings
As they are based on ichimoku number theory, not the days in the work week
no math involved, just look.
