Ichimoku Method - The Perfect Setup
this time something about Ichimoku Kinko Hyo. I discovered this methodology not very long ago, thanks to couple of great threads started by kidrock82 (which I highly recommend you to check, just use our forum search engine)
I describe here the BULLISH scenario, do the oposite for short entries.
Entry timeframe: M15
Confirmation timeframe: H1, H4
Entry conditions: we enter on the first closed candle on M15, which meets followed conditions:
H4, H1 and M15 are 100% bullish. That means:
1) tenkan sen is above kijun sen
2) price is above kijun sen
3) price is above the kumo cloud
4) future kumo cloud is bullish
5) chikou span is above the price in the past
- SL can be putted in two ways: or few pips below kijun sen, or below the kumo cloud
- TP: depends on instrument. Usually around 50-60 pips
- Trailing Stop: the stop can be trailed with the move of kijun sen
Important notes: It's also good to follow the general direction of the daily timeframe. Once you take a trade without being stopped by SL, you can earn money for a brand new car;D
Please don't hasitate to post your comments, and share your ideas of possible improvements to this method.
Originally Posted by ziemo
excellent post, thanks for sharing
Hello guys, thanks for sharing. I'm not sure to have fully clear the strategy: in first example, based on rules you listed, why didn't you consider entering long trade many candles before (let's say 24 Jan between 2:45 and 6:45)? All rules seem satisfied to me... What am I missing?
you have removed the 5 minutes entries? Today i've entered 3 trades, at 8:30 am, we were bullish on eurjpy, gbpjpy and chfjpy, unfortunately i've set up the tp at 70 pips, i've exited on gbpjpy because there were some news, of course after i've exited a big bullish candle appeared and hit the TP, and naturally eurjpy and chfjpy dont... so now i've closed the eurjpy trade at 50 pips and i'm letting the chfjpy go...
Hey Kidrock, how are you doing with your Ichi strategy in the long term? Care to share some statistics with us ?
Originally Posted by kor4x
hi Ww , these are the stats of the last 2 weeks... there are also others trade in it, like the 2 losses of yesterday on audjpy, it was on a 121 pattern
the problem is when you have to avoid ranging markets :P
look the last 3 trades, if the tp was 50 instead of 70 i would have it all 3 of them... greedy is bad sometimes
Do you just trade the patterns in the direction of the 1 hour cloud?
no no, but if a pattern found some support with the kumo or the kijun sen i'm more confident with the entry... that's all
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