Hello! What can you say about the indicator ichimoku? Or any idea about it. Thank you
@anon58863749 may have some useful thoughts on that for you if he sees this.
Hello my name is Olabanji from Nigeria and I have been trading for two years now, it has been an interesting journey, to me ichimoku is the most complicated indicator there is and in my time with forex I alway avoid it, I prefer MACD and Moving Average
Thank you I still find it hard to use MACD though. I’m still a beginner in a learning process.
I haven’t used it much myself, there’s a lot to memorize about this signal, and it’s too much for my eyes and curls. I’m sure it is a useful indicator though, seems very well thought out the only problem is that it tailored for JPY pairs, although I’m sure a big of work could make it suitable for non JPY pairs
What indicator is best then?
It is my opinion that there is no “best indicator” because all indicators do provide false signals. It is better to use different indicators together to try string a clearer picture of where price may be heading. I use stoch, macd, bands and RSI at the moment
Indicators - what every newbie wants to make use of
Did you know: People who have years of experience in trading often say they don’t use indicators but did when they started initially.
Do you know why? Well indicators are always lagging and tend to give you signals when smart money are no longer in the market thus a reversal just after you enter the trade (you will notice this later in your journey if you dwell on indicators)
An indicator in my opinion should consist of only about 10% or less of the entire trading strategy.
@anon46773462 I don’t think that I am an expert on Ichimoku but I would try to provide relevant information to her.
I don’t know why are you interested to use Ichimoku indicator in your trading, while most of the people think it as the most complicated system?
Meanwhile, if you don’t want to purchase above two Books, then you may get a basic understanding of Ichimoku from this pdf link https://www.ichimokutrade.com/articles/Ichimoku_Ebook.pdf
I am sure that above link would be helpful to you in understanding the basics of Ichimoku Cloud.
Yea, the indicators I use are bollinger bands, MA, and RSI right now
thank you so much.
And what should consists the remaining 90%? Thanks!
I have started using Ichimoku recently.
Checked a lot of youtube videos.
Don’t know how successful I will be but at the moment
its all going well.
I have heard many opinions that it is useful but takes a while to learn how to use it. I have never used it much because I found it clutters my charts too much and I prefer them clearer.
If you’re thinking about it I would strongly recommend studying the indicator and applying it. IKH is commonly used by commodities traders, among other professionals. It’s a critical component of my trading process. I don’t use any other indicators. I studied and tried other types but nothing ever came close to producing consistent results. I suggest this book: How to Make Money Trading the Ichimoku System: Guide to Candlestick Cloud Charts.
The most important take away from the book is to not enter a trade unless all components are in alignment. I’ve found that, if nothing else, it filters out the weak trades. I’ve seen my trade probabilities improve significantly in the last two years.
Ichimoku is very popular in Japan and Japan has very large number of retail forex traders. It is very effective on all Japanese Pairs. The way I would use it is to only use the cloud part of the indicator. And use it as support and resistance levels. Eg. If EURJPY was in a strong up trend I would look to enter long just above the top of the cloud. Or if had been loosing momentum to the top side would look to enter a break just below the bottom of the cloud. Other people have many other ways to use Ichimoku.
Never used it, never intend to.
Personally I think it is too complicated and overrated. You are better off with price action and maybe maybe RSI.