The Ichimoku Scanner Dashboard is great for finding good up/down trends based on your Ichimoku strategies:
But here’s a guide that will help you create good strategies.
The buy and sell buttons mean that a Buying trend (up) or a Selling trend (bearish) I started. But always check the charts manually before making a trade.
B-Zone and S-Zone mean that the price is continuing an upward or downward trend. As all conditions remain identical.
Before starting this guide:
If you are not familiar with Ichimoku terminology and general pointer concepts, please first study each component of Ichimoku:
Kumo Cloud, Tenkan, Kijun, Chico. And what each line indicates. The Kumo cloud acts as a support/resistance area as well. The price always bounces back to it and is expressed when the trend changes.
Avoid the markets:
Since Ichimoku is a trend based indicator, only use it when there is good volatility in the market. Avoid slow/dead markets like this:
Use a site like this to check out OpenSooq. Then select the best pairs to trade.
Also avoid volatile markets, such as during news events when the price appears to be going up/down in a choppy fashion.
It is dangerous to trade where there will be no clear direction:
Study the previous columns to see how the trading pair behaves. Therefore, it is very important to use this scanner manually after studying the graphs.
Strategy 1: Ichimoku Kumo & Pivots:
This is suitable for speculation and long-term trading on at least M15 +
Uses the hub Indicator:
For the M15 and M30, use the daily hubs. And for H1, use the daily or weekly pivots (whichever suits you best). To use H4 weekly. And for W1 use per month.
Since the monthly chart is the last one, there is no suitable time frame for pivot points for that. You can also use Fibonacci levels if you are familiar with Fibonacci.
Uses the sound Indicator:
Ichimoku Indicator included in MT4:
The example above is for sale. Use the same terms to reverse the purchase.
- Wait for the Kumo cloud hack. In the scanner, keep only the Kumo Cloud validation valid. Keep all other checks false.
- If you want to use Tenkan-Kijun check, it will give you better directions but fewer signals.
- Then wait for a high volume bar to go past the kumo.
- Check the price distance from the next axis. If the price also crosses a pivot level (not average pivot points), then wait for the price to rebound to the pivot level.
- So, you can either hold the buy/sell limit order with 2-3 bars expiring. Or wait for the price to go back to the pivot pivot and take a buy/sell position
- Keep your stop loss very close. And keep your take profit at the nearest SR level you can see. Study the previous bars a little. In most cases it is near the next pivot level or the next Fibonacci level.
See the chart above for stops.
Strategy 2: Ichimoku Kumo & Tenkan-Kijun & SR:
This is suitable for long term trend trading. At least H1 +
Uses SR Indicator: SS_SR_AbiroidBuffers.ex4
1. Como cloud up/down eruption
2. Tenkan above Kijun for buying and below Kijun for selling
3. Wait for Chikou to go away from the Kumo and Price clouds. Chikou must be higher than Kumo for buying and lower than Kumo for selling.
4. Make sure that the price is far from any resistance levels (for buying) and support levels (for selling). You can also use Pivots here if you like.
5. Check the higher time frames and make sure the price is in line with the direction of the Ichimoku. The price in question is higher than Kumo for buying and lower than Kumo for selling.
See the chart above for stops.
I will continue to update this post with more Ichimoku strategies.