Hello, new traders. Here are a few words from my four and a half years of experience.
Hey! I’m a full time currency and cryptocurrency trader, I need to point out a few major fallacies and misconceptions I frequently see in this community and others. First up. If it’s your first year trading expect to fail. Actually, if there was a contract I could buy that’d pay me out if you ended up liquidating your account in the next 12 months, I’d literally bet on your failure. You need to immediately reduce your trading account to 1/10th of its original size for your first year of trading. Seriously, do it. You are betting that you can outperform billions of dollars of institutional order flow, typically with basic patterns or default setting indicators with no experience. Which brings me to my next point. Your strategy is not your identity, stop treating what you use to trade as dogma. That indicator or pattern you’re using, can you tell me why it works? Not HOW to use it, but what fundamental paradigm it uses to accurately predict future price action. There are legitimate answers, but trying to use your indicators/patterns without understanding why is like driving across the country without knowing how to open or what’s inside the hood or your car. Sure, you’re going to get pretty far, but eventually it’ll break down and you won’t have a clue what to do, stranded and starving in the middle of the desert. Chances are, while you were reading this you came up with one of three answers in your head as to why your indicatopattern works. Let me guess. “Everyone else uses it, it’s made me money so far, it’s natures law (for you Fibonacci folks,) or it’s a proven standard.” All of those are appeal to authority fallacies. For instance.... How does a compass work? Are the answers “well everybody else uses compasses” or “compasses are a proven standard” WHY a compass works? If you don’t know how a compass works and you’re lost, you aren’t going to know what variables will stop the compass from working. You might be in the Southern Hemisphere, that’d lead you in the exact opposite direction, but you wouldn’t know it because you DON’T KNOW WHY it works. Then die of starvation shortly after because you didn’t understand a tool paramount to your survival and couldn’t find your way back to civilization. If you’re lost in the ocean of institutional investors, AT LEAST understand why your tools work. For instance, why does divergence work? You probably know that divergence represents a reversal. Divergence doesn’t form because of “price” or “its losing momentum,” divergence forms because an oscillator defines a data set that expands and contracts based on the activity in the period lookback you define for it. When you have an expanding data set, it requires increasingly drastic moves to register the same “extreme” values. If you have a tight data set and you have a huge outlier, the data set widens to compensate with every candle close. So now that you have a wider data set, an equal move would register as a less extreme event as defined by the oscillator. That’s why divergence forms/works. Seriously, it’s worth learning these things. Unless you can explain why something works like I just did with divergence you shouldn’t EVER use it in your arsenal. Then if you do take the time to learn the “why,” you’ll start realizing that a lot of the commonly accepted tools are fundamentally broken. For instance, with your new understanding of divergence, think about overbought or oversold signals. Why would a new outlier of a data set imply a return to the center of the data set if the data set is in an active state of expansion, CAUSED by the outlier? Now if you’re relying on an appeal to authority fallacy for understanding, could it be that the authority that presented the information doesn’t have your best interest at heart? Breakout patterns for example. If you have a bull flag, and you’re betting on bullish trend continuation, I’ll take a wild guess about where you put your stop loss. Oh, below the bull flag? Large players know this and will scoop up your stops before pushing price up. How often have you said, “wow, I was right but I stopped out just before trend continuation!” The “golden standard” of technical analysis is only so to make the masses of retail traders a predictable herd of cattle. Also, stay away from entirely subjective strategies that will always appear correct in hindsight. Oh, how many times have you redrawn that Elliot wave extension to match what happened instead of what you predicted? Don’t you dare bring up the Fibonacci to justify your subjective drawings either. Fibonacci doesn’t work because “it’s natures law” or the “golden rule,” it just happens to be very similar to the first standard deviation of any price move. So why are you using a static reading to predict a dynamic value that changes with every candle close? For TA that actually works (if you use it correctly,) I can recommend ichimoku, though only on macro timeframes and requires a lot of reading to use properly. Mark Whistler’s books on volatility are my biggest recommendation to learn. Any strategy using WAVE PM and 3D WAVE PM are ideal, treating price strictly as reactionary, multiperiod probability distributions gives an excellent “why” in the chaos of the markets. The compression and expansion cycles can be defined to the exact period on any timeframe with the right readings. I created a write up a while back going in depth on my findings on probability distributions here. https://www.reddit.com/Forex/comments/ah5bxo/lets_talk_about_the_basics_of_advanced_volatility/?utm_source=share&utm_medium=ios_app I also created a google doc over the years and filled it with a few resources I’ve used to learn, I can hand it out if you dm me. Finally, don’t forget to do your FA. Macro level economic indications are incredibly important for defining the long term alignment of expectations. However never trade the news, this is an important distinction. Don’t bet that the US dollar will go down because Trump made a stupid tweet, please. What you SHOULD do is measure the strength of the move and the EXPANSION caused by the FA and identify where the compression begins afterwards. For every period of expansion, there is a predictable compressionary range that follows that is equal to the expansion. For every action there’s an equal and opposite reaction. Instead of betting on the news, bet on the reaction after the news has cooled off. That’s all that immediately comes to mind. Feel free to ask any questions.
Feel free to talk about technical analysis here (not argue against it), but before you ask any question make sure you see the following information: Technical analysis (TA) uses historical price movements, real time data, indicators based on math and/or statistics, and charts; all of which help measure the trajectory of a security. TA can also be used to interpret the actions of other market participants and predict their actions: Measure: Is the security's price trending, has it dipped or is it a falling knife? Interpret: Does the current price mean investors think it's undervalued or overvalued; when did they buy/sell more and why? Predict: If price reaches a certain point, will there be a rally or get rejected? The main benefit to TA is that everything shows up in the price (commonly known as priced in): All news, investor sentiment, and changes to fundamentals are reflected in a security's price. TA is best used for short term trading, but can also be used for long term. Intro to technical analysis by Stockcharts chartschool and their article on candlesticks Terminology
Indicator - a calculation based on price and/or volume, it can be displayed as a line/number on a chart or watch list; some indicators use statistics like standard deviation such as the Bollinger Bands indicator
trade signals - when an indicator tells you that a buy or sell (short) entry is available (also called buy signal or sell signal)
lagging indicator - based on past prices, for example the Moving Average indicator
leading indicator - typically oscillators which fluctuate from 0 to 100 and back, and these typically measure the rate of change; they also generate overbought, oversold, and divergence, all of which help create trade signals
oversold - a trade signal for when to buy, for example RSI below 30, however it's best to wait when the RSI line points upwards past 30 before buying
overbought - the opposite of oversold; for RSI it's above 70
divergence - when an indicator and stock price move inversely which foreshadows a coming change in the price
whipsaw - when trade signals & price suddenly reverse either stopping you out or making you exit your trade
resistance - an area on a chart where price can't seem to go higher. The main reason is that no one is willing to buy above that price or there's more sellers than buyers.
support - an area on a chart where price can't seem to go lower. The main reason is no one is willing to sell below that price or there's more buyers than sellers.
breakout/breakdown - when price breaks support or resistance
alerts - a notification for when price hits your desired target, some software allows you to place the alert direction on a chart
level ii - This shows all bid & ask orders from market makers, usually your broker charges a fee for this, and is only really usual for day trading
trend line - can be a moving average, previous day's high, an indicator, you can even draw a line connecting all the highs or lows for example
Market participants - also includes market makers, institutions, and retail & institutional investors. Different markets have different participants such as futures (hedgers & speculators) and forex (banks & speculators).
Useful indicators
Moving average (MA) - lagging indicator that averages previous prices, for example MA 20 will average the previous 20 days; MAs do not predict price movements, they smooth out price changes. Common averages are 10, 20, 50, 100, and 200. Typically you use 2 to 3 per chart.
RSI - relative strength index, takes the average gain of the stock price divided by the average loss over a number of periods, default 14; starts to reverse when it points down from 70 (sell signal) and reverses agian when it points up from 30 (buy signal)
VWAP - intraday indicator, takes the average price and weighs it by volume, basically you want to be short below VWAP and go long above VWAP; near the VWAP line (or price) there can be lots of whipsaw
MACD - combines momentum & trend indicators; gives off many trade signals including ovebought/sold and divergence, see link here note that the histogram in the center shows how wide the MACD & Signal line are from each other
ATR - Average true range gives a number that tells you how wide price movements are, great for helping set stops. ATR on a daily chart of 5 means average price movement of 5 points, typically you would have a stop loss 2x ATR so in this case it would be 10 point wide stop. If a stop loss of 2x ATR is too high for you, then trade a different stock.
Bollinger Bands (BB) - takes the standard deviation of price times 2 (default); in statistics, 95% of all values are within 2 standard deviations. BB is typically used for resistance and support, more info here.
Ichimoku clouds - Combines even more indicators, good for beginners, see here
Pivots - these used to be for pit traders in the exchange, just 5 numbers they needed to navigate the day's price movements, but are still used online and stock prices tend to breakout or reverse off these pivot lines
Feel free to talk about technical analysis here (not argue against it), but before you ask any question make sure you see the following information: Technical analysis (TA) uses historical price movements, real time data, indicators based on math and/or statistics, and charts; all of which help measure the trajectory of a security. TA can also be used to interpret the actions of other market participants and predict their actions: Measure: Is the security's price trending, has it dipped or is it a falling knife? Interpret: Does the current price mean investors think it's undervalued or overvalued; when did they buy/sell more and why? Predict: If price reaches a certain point, will there be a rally or get rejected? The main benefit to TA is that everything shows up in the price (commonly known as priced in): All news, investor sentiment, and changes to fundamentals are reflected in a security's price. TA is best used for short term trading, but can also be used for long term. Intro to technical analysis by Stockcharts chartschool and their article on candlesticks Terminology
Indicator - a calculation based on price and/or volume, it can be displayed as a line/number on a chart or watch list; some indicators use statistics like standard deviation such as the Bollinger Bands indicator
trade signals - when an indicator tells you that a buy or sell (short) entry is available (also called buy signal or sell signal)
lagging indicator - based on past prices, for example the Moving Average indicator
leading indicator - typically oscillators which fluctuate from 0 to 100 and back, and these typically measure the rate of change; they also generate overbought, oversold, and divergence, all of which help create trade signals
oversold - a trade signal for when to buy, for example RSI below 30, however it's best to wait when the RSI line points upwards past 30 before buying
overbought - the opposite of oversold; for RSI it's above 70
divergence - when an indicator and stock price move inversely which foreshadows a coming change in the price
whipsaw - when trade signals & price suddenly reverse either stopping you out or making you exit your trade
resistance - an area on a chart where price can't seem to go higher. The main reason is that no one is willing to buy above that price or there's more sellers than buyers.
support - an area on a chart where price can't seem to go lower. The main reason is no one is willing to sell below that price or there's more buyers than sellers.
breakout/breakdown - when price breaks support or resistance
alerts - a notification for when price hits your desired target, some software allows you to place the alert direction on a chart
level ii - This shows all bid & ask orders from market makers, usually your broker charges a fee for this, and is only really usual for day trading
trend line - can be a moving average, previous day's high, an indicator, you can even draw a line connecting all the highs or lows for example
Market participants - also includes market makers, institutions, and retail & institutional investors. Different markets have different participants such as futures (hedgers & speculators) and forex (banks & speculators).
Useful indicators
Moving average (MA) - lagging indicator that averages previous prices, for example MA 20 will average the previous 20 days; MAs do not predict price movements, they smooth out price changes. Common averages are 10, 20, 50, 100, and 200. Typically you use 2 to 3 per chart.
RSI - relative strength index, takes the average gain of the stock price divided by the average loss over a number of periods, default 14; starts to reverse when it points down from 70 (sell signal) and reverses agian when it points up from 30 (buy signal)
VWAP - intraday indicator, takes the average price and weighs it by volume, basically you want to be short below VWAP and go long above VWAP; near the VWAP line (or price) there can be lots of whipsaw
MACD - combines momentum & trend indicators; gives off many trade signals including ovebought/sold and divergence, see link here note that the histogram in the center shows how wide the MACD & Signal line are from each other
ATR - Average true range gives a number that tells you how wide price movements are, great for helping set stops. ATR on a daily chart of 5 means average price movement of 5 points, typically you would have a stop loss 2x ATR so in this case it would be 10 point wide stop. If a stop loss of 2x ATR is too high for you, then trade a different stock.
Bollinger Bands (BB) - takes the standard deviation of price times 2 (default); in statistics, 95% of all values are within 2 standard deviations. BB is typically used for resistance and support, more info here.
Ichimoku clouds - Combines even more indicators, good for beginners, see here
Pivots - these used to be for pit traders in the exchange, just 5 numbers they needed to navigate the day's price movements, but are still used online and stock prices tend to breakout or reverse off these pivot lines
Feel free to talk about technical analysis here (not argue against it), but before you ask any question make sure you see the following information: Technical analysis (TA) uses historical price movements, real time data, indicators based on math and/or statistics, and charts; all of which help measure the trajectory of a security. TA can also be used to interpret the actions of other market participants and predict their actions: Measure: Is the security's price trending, has it dipped or is it a falling knife? Interpret: Does the current price mean investors think it's undervalued or overvalued; when did they buy/sell more and why? Predict: If price reaches a certain point, will there be a rally or get rejected? The main benefit to TA is that everything shows up in the price (commonly known as priced in): All news, investor sentiment, and changes to fundamentals are reflected in a security's price. TA is best used for short term trading, but can also be used for long term. Intro to technical analysis by Stockcharts chartschool and their article on candlesticks Terminology
Indicator - a calculation based on price and/or volume, it can be displayed as a line/number on a chart or watch list; some indicators use statistics like standard deviation such as the Bollinger Bands indicator
trade signals - when an indicator tells you that a buy or sell (short) entry is available (also called buy signal or sell signal)
lagging indicator - based on past prices, for example the Moving Average indicator
leading indicator - typically oscillators which fluctuate from 0 to 100 and back, and these typically measure the rate of change; they also generate overbought, oversold, and divergence, all of which help create trade signals
oversold - a trade signal for when to buy, for example RSI below 30, however it's best to wait when the RSI line points upwards past 30 before buying
overbought - the opposite of oversold; for RSI it's above 70
divergence - when an indicator and stock price move inversely which foreshadows a coming change in the price
whipsaw - when trade signals & price suddenly reverse either stopping you out or making you exit your trade
resistance - an area on a chart where price can't seem to go higher. The main reason is that no one is willing to buy above that price or there's more sellers than buyers.
support - an area on a chart where price can't seem to go lower. The main reason is no one is willing to sell below that price or there's more buyers than sellers.
breakout/breakdown - when price breaks support or resistance
alerts - a notification for when price hits your desired target, some software allows you to place the alert direction on a chart
level ii - This shows all bid & ask orders from market makers, usually your broker charges a fee for this, and is only really usual for day trading
trend line - can be a moving average, previous day's high, an indicator, you can even draw a line connecting all the highs or lows for example
Market participants - also includes market makers, institutions, and retail & institutional investors. Different markets have different participants such as futures (hedgers & speculators) and forex (banks & speculators).
Useful indicators
Moving average (MA) - lagging indicator that averages previous prices, for example MA 20 will average the previous 20 days; MAs do not predict price movements, they smooth out price changes. Common averages are 10, 20, 50, 100, and 200. Typically you use 2 to 3 per chart.
RSI - relative strength index, takes the average gain of the stock price divided by the average loss over a number of periods, default 14; starts to reverse when it points down from 70 (sell signal) and reverses agian when it points up from 30 (buy signal)
VWAP - intraday indicator, takes the average price and weighs it by volume, basically you want to be short below VWAP and go long above VWAP; near the VWAP line (or price) there can be lots of whipsaw
MACD - combines momentum & trend indicators; gives off many trade signals including ovebought/sold and divergence, see link here note that the histogram in the center shows how wide the MACD & Signal line are from each other
ATR - Average true range gives a number that tells you how wide price movements are, great for helping set stops. ATR on a daily chart of 5 means average price movement of 5 points, typically you would have a stop loss 2x ATR so in this case it would be 10 point wide stop. If a stop loss of 2x ATR is too high for you, then trade a different stock.
Bollinger Bands (BB) - takes the standard deviation of price times 2 (default); in statistics, 95% of all values are within 2 standard deviations. BB is typically used for resistance and support, more info here.
Ichimoku clouds - Combines even more indicators, good for beginners, see here
Pivots - these used to be for pit traders in the exchange, just 5 numbers they needed to navigate the day's price movements, but are still used online and stock prices tend to breakout or reverse off these pivot lines
Feel free to talk about technical analysis here (not argue against it), but before you ask any question make sure you see the following information: Technical analysis (TA) uses historical price movements, real time data, indicators based on math and/or statistics, and charts; all of which help measure the trajectory of a security. TA can also be used to interpret the actions of other market participants and predict their actions: Measure: Is the security's price trending, has it dipped or is it a falling knife? Interpret: Does the current price mean investors think it's undervalued or overvalued; when did they buy/sell more and why? Predict: If price reaches a certain point, will there be a rally or get rejected? The main benefit to TA is that everything shows up in the price (commonly known as priced in): All news, investor sentiment, and changes to fundamentals are reflected in a security's price. TA is best used for short term trading, but can also be used for long term. Intro to technical analysis by Stockcharts chartschool and their article on candlesticks Terminology
Indicator - a calculation based on price and/or volume, it can be displayed as a line/number on a chart or watch list; some indicators use statistics like standard deviation such as the Bollinger Bands indicator
trade signals - when an indicator tells you that a buy or sell (short) entry is available (also called buy signal or sell signal)
lagging indicator - based on past prices, for example the Moving Average indicator
leading indicator - typically oscillators which fluctuate from 0 to 100 and back, and these typically measure the rate of change; they also generate overbought, oversold, and divergence, all of which help create trade signals
oversold - a trade signal for when to buy, for example RSI below 30, however it's best to wait when the RSI line points upwards past 30 before buying
overbought - the opposite of oversold; for RSI it's above 70
divergence - when an indicator and stock price move inversely which foreshadows a coming change in the price
whipsaw - when trade signals & price suddenly reverse either stopping you out or making you exit your trade
resistance - an area on a chart where price can't seem to go higher. The main reason is that no one is willing to buy above that price or there's more sellers than buyers.
support - an area on a chart where price can't seem to go lower. The main reason is no one is willing to sell below that price or there's more buyers than sellers.
breakout/breakdown - when price breaks support or resistance
alerts - a notification for when price hits your desired target, some software allows you to place the alert direction on a chart
level ii - This shows all bid & ask orders from market makers, usually your broker charges a fee for this, and is only really usual for day trading
trend line - can be a moving average, previous day's high, an indicator, you can even draw a line connecting all the highs or lows for example
Market participants - also includes market makers, institutions, and retail & institutional investors. Different markets have different participants such as futures (hedgers & speculators) and forex (banks & speculators).
Useful indicators
Moving average (MA) - lagging indicator that averages previous prices, for example MA 20 will average the previous 20 days; MAs do not predict price movements, they smooth out price changes. Common averages are 10, 20, 50, 100, and 200. Typically you use 2 to 3 per chart.
RSI - relative strength index, takes the average gain of the stock price divided by the average loss over a number of periods, default 14; starts to reverse when it points down from 70 (sell signal) and reverses agian when it points up from 30 (buy signal)
VWAP - intraday indicator, takes the average price and weighs it by volume, basically you want to be short below VWAP and go long above VWAP; near the VWAP line (or price) there can be lots of whipsaw
MACD - combines momentum & trend indicators; gives off many trade signals including ovebought/sold and divergence, see link here note that the histogram in the center shows how wide the MACD & Signal line are from each other
ATR - Average true range gives a number that tells you how wide price movements are, great for helping set stops. ATR on a daily chart of 5 means average price movement of 5 points, typically you would have a stop loss 2x ATR so in this case it would be 10 point wide stop. If a stop loss of 2x ATR is too high for you, then trade a different stock.
Bollinger Bands (BB) - takes the standard deviation of price times 2 (default); in statistics, 95% of all values are within 2 standard deviations. BB is typically used for resistance and support, more info here.
Ichimoku clouds - Combines even more indicators, good for beginners, see here
Pivots - these used to be for pit traders in the exchange, just 5 numbers they needed to navigate the day's price movements, but are still used online and stock prices tend to breakout or reverse off these pivot lines
Feel free to talk about technical analysis here (not argue against it), but before you ask any question make sure you see the following information: Technical analysis (TA) uses historical price movements, real time data, indicators based on math and/or statistics, and charts; all of which help measure the trajectory of a security. TA can also be used to interpret the actions of other market participants and predict their actions: Measure: Is the security's price trending, has it dipped or is it a falling knife? Interpret: Does the current price mean investors think it's undervalued or overvalued; when did they buy/sell more and why? Predict: If price reaches a certain point, will there be a rally or get rejected? The main benefit to TA is that everything shows up in the price (commonly known as priced in): All news, investor sentiment, and changes to fundamentals are reflected in a security's price. TA is best used for short term trading, but can also be used for long term. Intro to technical analysis by Stockcharts chartschool and their article on candlesticks Terminology
Indicator - a calculation based on price and/or volume, it can be displayed as a line/number on a chart or watch list; some indicators use statistics like standard deviation such as the Bollinger Bands indicator
trade signals - when an indicator tells you that a buy or sell (short) entry is available (also called buy signal or sell signal)
lagging indicator - based on past prices, for example the Moving Average indicator
leading indicator - typically oscillators which fluctuate from 0 to 100 and back, and these typically measure the rate of change; they also generate overbought, oversold, and divergence, all of which help create trade signals
oversold - a trade signal for when to buy, for example RSI below 30, however it's best to wait when the RSI line points upwards past 30 before buying
overbought - the opposite of oversold; for RSI it's above 70
divergence - when an indicator and stock price move inversely which foreshadows a coming change in the price
whipsaw - when trade signals & price suddenly reverse either stopping you out or making you exit your trade
resistance - an area on a chart where price can't seem to go higher. The main reason is that no one is willing to buy above that price or there's more sellers than buyers.
support - an area on a chart where price can't seem to go lower. The main reason is no one is willing to sell below that price or there's more buyers than sellers.
breakout/breakdown - when price breaks support or resistance
alerts - a notification for when price hits your desired target, some software allows you to place the alert direction on a chart
level ii - This shows all bid & ask orders from market makers, usually your broker charges a fee for this, and is only really usual for day trading
trend line - can be a moving average, previous day's high, an indicator, you can even draw a line connecting all the highs or lows for example
Market participants - also includes market makers, institutions, and retail & institutional investors. Different markets have different participants such as futures (hedgers & speculators) and forex (banks & speculators).
Useful indicators
Moving average (MA) - lagging indicator that averages previous prices, for example MA 20 will average the previous 20 days; MAs do not predict price movements, they smooth out price changes. Common averages are 10, 20, 50, 100, and 200. Typically you use 2 to 3 per chart.
RSI - relative strength index, takes the average gain of the stock price divided by the average loss over a number of periods, default 14; starts to reverse when it points down from 70 (sell signal) and reverses agian when it points up from 30 (buy signal)
VWAP - intraday indicator, takes the average price and weighs it by volume, basically you want to be short below VWAP and go long above VWAP; near the VWAP line (or price) there can be lots of whipsaw
MACD - combines momentum & trend indicators; gives off many trade signals including ovebought/sold and divergence, see link here note that the histogram in the center shows how wide the MACD & Signal line are from each other
ATR - Average true range gives a number that tells you how wide price movements are, great for helping set stops. ATR on a daily chart of 5 means average price movement of 5 points, typically you would have a stop loss 2x ATR so in this case it would be 10 point wide stop. If a stop loss of 2x ATR is too high for you, then trade a different stock.
Bollinger Bands (BB) - takes the standard deviation of price times 2 (default); in statistics, 95% of all values are within 2 standard deviations. BB is typically used for resistance and support, more info here.
Ichimoku clouds - Combines even more indicators, good for beginners, see here
Pivots - these used to be for pit traders in the exchange, just 5 numbers they needed to navigate the day's price movements, but are still used online and stock prices tend to breakout or reverse off these pivot lines
The Complete Ichimoku Course - From Beginner To Advanced
The Complete Ichimoku Course - From Beginner To Advanced Hello Guys, In this video I want to introduce you to the main system / Indicator that I use for trading which gives me the most consistent profits and reliability. The Indicator or system that I use is called ‘Ichimoku’. Full title is 'Ichimoku Kinko Hyo'. And was invented by a Japanese trader called Goichi Hosoda (細田悟一 Hosoda Goichi), a Japanese trader / journalist who used to be known as Ichimoku Sanjin, which can be translated as "what a man in the mountain sees". Ichimoku translates into He spent 30 years perfecting the technique before releasing his findings to the general public in the late 1960s. Ichimoku Kinko Hyo in Japanese translates to 'one glance equilibrium chart' or 'instant look at the balance chart' and is sometimes referred to as "one glance cloud chart" based on the unique "clouds" that feature in ichimoku charting, reffered to as the Kumo Clouds. Hosada's Ichimoku system incorporates some very useful and effective trading signals, which consist of the following. We have the chikou crossing through price, that's the first signal, we have a tenkensen bounce and break, we have a kijunsen bounce and break, there’s the kumo cloud bounce and breakout, and the tenkensen and kijunsen cross, which is normally abbreviated to the TK cross. This complete charting and trend indicator forms a very powerful, and useful aid in our trading, and, to be used to it’s full potential, all these elements need to be used, and studied in conjunction with each other. As you can see if you’ve never come across this system before it can be very intimidating and complex, however fear not - If you are interested in learning about this complete system or are simply just struggling with your own trading - if you visit my website you can sign up for my complete ichimoku trading strategies course and become a member. In this course I cover the ichimoku system from beginner to advanced, in fine detail and talk about how I trade, and how I have been profitable consistently for the last 20 years, using ichimoku as my main Indicator. I also talk about money management, price action, when to trade and when not to trade, and my preferred forex pairs for trading. I also cover support and resistance, divergence, moving averages along with profit targets, stops and even the psychology of trading. So if you would like to learn about this ichimoku system, visit my website which is tradingtoprofit.com and sign up for the course which is over 6.5 hours long and split into various sections for you to learn at your own pace and accessible anytime at a later date to refresh your knowledge. I’ll put a link under the description of this video to my website. Also if you would like to keep watching my videos please subscribe, comment or like. Thank you for watching this video and I hope to see you in the course soon. Take care and good luck in your trading. https://youtu.be/sttcW5PB9rQ
I've been reading this week a lot about Ichimoku clouds. I am incredibly new to the Forex world, but I cannot seem to find anyone really using this outside of Japan. From what I can tell at a quick glance is that it seems to capture a lot of the price movements. For example, in the USD/RUB charts you can see the moving averages cross about July 14th high above the cloud. It looks like if you bought in on the next price breakout on the 17th you would have caught the USD gain on the Ruble. I know the Ruble's fall is mostly due to oil prices and geopolitics right now, so I am also looking at GBP/USD at the beginning of this year. The averages cross in mid-February, catching the fall, and then releasing at the end of May before it recovers. Am I wrong in this, and, if so, how? This is the reading I've been using TL;DR: Two questions regarding Ichimoku clouds:
What is the general consensus on their effectiveness? I understand that they are trailing indicators, but from what I have seen over the past few days on the Forex charts is that they do a pretty decent job of capturing price movements.
How respected are they (if at all) by Western traders? All of the reading I have done peg it as something that has been widely adopted in Japan but not really anywhere else.
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