Hi i'm a new trader looking to use the Ichimoku indicators as a guide. i have a question that is causing me to hesitate in my trades. If i set up EURSEK (for instance) and have one chart at 5 min and another at 15 min i can get two different indicators. Meaning my 5 min chart says don't buy but the 15 min chart says buy. How do i decide which time span (or spans) to watch? I'm getting conflicting indicators depending on which time span i watch. Do successful traders stick with one and use other indicators as well as Ichimoku to decide when to buy/sell? At this stage in my trading evolution i am lost on how to proceed. Any insight into what is happening would be greatly appreciated. thanks
Recommend you use Ichimoku settings of 9,16,52...much better, imo, on 1-5 min charts. Here's a thread on ForexFactory where a trader leads you through his method of trading FX with it: https://www.forexfactory.com/showthread.php?t=583609 I think you're making a big mistake starting out trying to trade Forex. It's not volatile enough. You need HIGH volatility. Don't let Forex attract you just because you can bet itty-bitty sums of money. The emini-futures now have micro contracts, 1/10th the size of a normal one. You should be cutting your teeth on the micro NQ, RTY or YM (note: NOT the ES, beginners stay away, too choppy compared to the other 3) if you want to risk very low sums yet have skin in the game to test your emotions.
Thanks Steve, i'm looking at FX because i'm interested in Ichomoku and Questrade only has this option in FX. i'm sorry but i don't understand what you are referring to with micro NQ, RTY or YM. I do agree with you regarding the volatility. From what i've seen the spreads are only showing a potential gross profit of around $5-10 on a $1000 trade (which seems very low for the risk )
On another note - do you know why Questrade only has the Ichimoku indicators available in their FX platform? is there a reason this isn't used by traders for regular stocks etc?
I would assume the reason has more to do with them than you....most serious tradrs use 3rd party indicator sets, does not matter the instrument or stock chart traded indicators cannot tell the difference.
Nobody knows. You have to test various settings, including different timeframes to see what works for you. If there was an universal rule it would quickly become obsolete because profit opportunity would be quickly eliminated. That is how efficient market works.
You have to study them all because each has its purpose and apply them as you see fit on your strategy. There is no best in my opinion, just what you want to do with it.
Hi Steve If you are looking to trade Forex with indicators like Ichimoku, stick to Demo till you are profitable for three straight months. The truth is you probably won't be successful with indicators on Forex as it requires a decade of experience to understand price action first. I have never met a trader who was profitable in Forex UNDER 5 years. Honestly But Good luck p.s. I have been trading Forex for 14 years