Hello Vincent, I would suggest starting w/the book, 'Trading the Global Currency Markets' (cornelius luca). That would be a good start. If you also sign up for my newsletter, you'll get my eBook for free which will also talk about getting an edge in trading. From there, you can also email me info@2ndskies.com and I'll give you another one of my eBooks for free 'Striking Gold in Your Trading' which will give you a good base and perspective.
@SecondSkies Hey Chris, I was wondering how to get a template similar to your set up; after looking online, all I am able to find is very detailed over dramatic forms of your simplified version. Maybe a .tpl you have? Or do you have your own professional trading template set up that I'm not able to attain? I use MT4 but would be willing to move to MT5 to have your layout, thanks Chris
Good question - I actually do not use MT4 for my charting so that is why its hard to get my template. I use Intellicharts for my charting so they will always look different. Hence, I do not have a tpl for MT4 or MT5.
Unless you have it tailored for a specific proprietary method, I would use the exact same settings that are standard for them (12 for momentum and 14 for ATR).
I only tailor indicator settings when working with modeled proprietary methods.
Your welcome. Make sure to check out all the videos and Ichimoku articles on the site as they will definitely help you understand how to use this method further.
Chris, what in your opinion is the best way of deciding when to take profit and exit a trade? Let's say for example on a 5M time frame, on EURUSD, I know there are lots of factors to consider, but do you have a "line in the sand" type approach?
I do not trade this method on the 5M time frame except with a proprietary method from our Ichimoku Course so I could not give you something specific to really bite on.
However, on higher time frames, a couple of standard options would be to have a trailing stop behind the Tenkan or Kijun. Another option is to wait for a Tenkan - Kijun cross in the opposite direction.
This is a strong method/system for trading the markets and I think as you work with it over time using the right application of it, you will find a high degree of success with it as many other new traders have.
You must be doing very well because I've been looking at this for the pairs I trade and it is incredibly accurate. I'm going to demo this tomorrow by buying above the cloud when lines are chikou, tenkan, kijun (top to bottom) and sell when the lines begin to tangle.
@CurrencyWolf It is too good to be true that is why. No indicator will give you an 80% success rate alone...maybe in hindsight but trading based on indicators is a novice mistake.
@TickleMehNancy I can understand your apprehension in believing this but I am going to disagree here as our funds' track records + many of my former students who are only trading ichimoku are clocking in with similar statistics so it can be done, has been done & will continue to be done. Generally western or european traders have lower accuracy levels but in asia,
I appreciate you sharing your thoughts and always enjoy a dialogue on this
Hello Chris,
what time periods could the ichimoku be used on?
classicallyliberal 11 months ago
@classicallyliberal
Good question - I generally recommend the 1h, 4h and daily but can be done on 30m once you get good with it.
Hope this helps
Chris Capre
SecondSkies 11 months ago
@vincentalderman
Hello Vincent, I would suggest starting w/the book, 'Trading the Global Currency Markets' (cornelius luca). That would be a good start. If you also sign up for my newsletter, you'll get my eBook for free which will also talk about getting an edge in trading. From there, you can also email me info@2ndskies.com and I'll give you another one of my eBooks for free 'Striking Gold in Your Trading' which will give you a good base and perspective.
Hope this helps - Chris Capre
SecondSkies 1 year ago
@SecondSkies Hey Chris, I was wondering how to get a template similar to your set up; after looking online, all I am able to find is very detailed over dramatic forms of your simplified version. Maybe a .tpl you have? Or do you have your own professional trading template set up that I'm not able to attain? I use MT4 but would be willing to move to MT5 to have your layout, thanks Chris
ChangedByTheVoice 1 year ago
@ChangedByTheVoice
Good question - I actually do not use MT4 for my charting so that is why its hard to get my template. I use Intellicharts for my charting so they will always look different. Hence, I do not have a tpl for MT4 or MT5.
Sorry I could not help any further.
As always, good luck trading - Chris Capre
SecondSkies 1 year ago
Also which settings would you use for the Momentum and ATR indicators when trading a 5M time frame?
Thanks, Jon
SilverShamrock71 1 year ago
@SilverShamrock71
Hello again Jon,
Unless you have it tailored for a specific proprietary method, I would use the exact same settings that are standard for them (12 for momentum and 14 for ATR).
I only tailor indicator settings when working with modeled proprietary methods.
Hope this Helps,
Chris Capre
SecondSkies 1 year ago
@SecondSkies Yes it does Chris, thanks for your responses.
SilverShamrock71 1 year ago
@SilverShamrock71
Your welcome. Make sure to check out all the videos and Ichimoku articles on the site as they will definitely help you understand how to use this method further.
Chris Capre
SecondSkies 1 year ago
Chris, what in your opinion is the best way of deciding when to take profit and exit a trade? Let's say for example on a 5M time frame, on EURUSD, I know there are lots of factors to consider, but do you have a "line in the sand" type approach?
SilverShamrock71 1 year ago
@SilverShamrock71
Hello SilverShamrock,
Good Question.
I do not trade this method on the 5M time frame except with a proprietary method from our Ichimoku Course so I could not give you something specific to really bite on.
However, on higher time frames, a couple of standard options would be to have a trailing stop behind the Tenkan or Kijun. Another option is to wait for a Tenkan - Kijun cross in the opposite direction.
Hope this helps put you in the right direction.
Chris Capre
SecondSkies 1 year ago
amazing. looks too good to be true
CurrencyWolf 1 year ago
@CurrencyWolf
Hello Currency Wolf,
This is a strong method/system for trading the markets and I think as you work with it over time using the right application of it, you will find a high degree of success with it as many other new traders have.
Chris Capre
SecondSkies 1 year ago
@SecondSkies
You must be doing very well because I've been looking at this for the pairs I trade and it is incredibly accurate. I'm going to demo this tomorrow by buying above the cloud when lines are chikou, tenkan, kijun (top to bottom) and sell when the lines begin to tangle.
CurrencyWolf 1 year ago
@CurrencyWolf It is too good to be true that is why. No indicator will give you an 80% success rate alone...maybe in hindsight but trading based on indicators is a novice mistake.
TickleMehNancy 1 year ago
@TickleMehNancy I can understand your apprehension in believing this but I am going to disagree here as our funds' track records + many of my former students who are only trading ichimoku are clocking in with similar statistics so it can be done, has been done & will continue to be done. Generally western or european traders have lower accuracy levels but in asia,
I appreciate you sharing your thoughts and always enjoy a dialogue on this
Chris Capre
SecondSkies 1 year ago
nice one
ndtv501 1 year ago