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I calculate the SL, wich becomes also the TP, with the following rules:
Say you take an entry with EUR/USD, because price penetrated the KS(KS 1.5500) upwards, and closes at say 1.5525.
You open long position at next bar open, say at 1.5515.
With KS still at 1.5500, your SL will be calculated like this:
Take value ATR at bar open, say ATR=0.0107
Multiply that with 1.5 = 0.0107 x 1.5 = 0.0160, or 160 pips.
Your entry was 1.5515, so SL is 1.5515 - 0.0160 = 1.5355.
But, if price turns against you, I noticed that you'd better off, with closing the position if it closes back under the KS with a margin of 10/15 pips.
But if all goes well, price starts to move our way.
So we adjust the SL accordingly.
Say price hits a high of 1.5750, with ATR at 0.0112.
SL(and TP) will be :
0.0112 x 1.5 = 0.0168
High was 1.5750, so 1.55750 - 0.0168 = 1.5582 for new SL.
If no new high is formed, this will be your exit.
But every time price makes a new high, you adjust it.
Btw, ATR is calculated different from broker to broker, and from program to program, so there will be differences.
Metatrader has another value for ATR than Oanda, wich I use for trading.
But it doesn't really matter, as long as you are consistent with it, and use the same value every time.
Btw, just for the record, latest trades with the "system"
USD/CHF went short on 22 feb at 1.0883, got stopped out 11 march at 1.0327 for 556 pips profit, curr out
GBP/USD went long on 25 feb at 1.9687, got stopped out 5 march at 1.9750 for 63 pips profit, curr out
EUR/USD went short on 20 feb at 1.4727, still in the trade, curr. profit 946 pips, still in the trade
USD/JPY went short on 28 feb at 106.39, got stopped out 11 march at 103.23for 316 pips profit, curr. out
AUD/USD went long on 25 jan at 0.8823, got stopped out 7 feb at 0.8899 for 76 pips profit, curr out
USD/CAD went short 21 feb at 1.0122, got stopped out 29 feb at 0.9875 for 247 pips profit, curr out
total last trades of 6 pairs 2204 pips, with EUR/USD open.
Will post other pairs tomorrow
Followed by :
Got stopped out EUR/USD today for a 1051 pip profit, curr.flat
My biggest winner so far
I'm not a coder, but have manually tested an idea I had on the EUR/USD on a daily time frame.
Looks very promissing imo.
It goes like this:
You take only the Kijun-Sen of the Ichimoku indicator.
I made the color Aqua, and made the rest of them black.
If price crosses Kijun-sen, and closes above(or below) Kijun sen, you enter a trade on the open of the next bar.
Example, KS(Kijunsen) is curr. 1.5500, price crosses KS tp the upside and closes EOD above 1.5500, you enter a long trade.
And ofcourse vice versa for a short entry.
Now for the SL and the TP.
I used the ATR indicator for that.
At entry you look at the value of the ATR.
You multiply that value with 1.5 for SL.
Is all goes well, the price will start to move up, if not, you have your SL in place.
Everyday you adjust the SL according the new high the price makes and the value of the ATR, as it is changing(volatilitydepended).
The SL will become your TP, as price moves on.
I also closed the trades during testing before the SL was hit, if the trade turned against me right after entry, if price turned around and closes below the KS with a margin of 10 (close bar under KS -10 pips), or whatever value you prefer.
So it should look something like this imo:
Take value KS
If price is above KS and closes above KS enter long
take ATR x 1.5 for SL
else if price next bar closes below KS -10 also close trade(whatever comes first)
Adjust SL according the value(high) of next bar and value ATR
Just reverse for shorts.
Who can make an EA for this idea to test it on all other pairs on different timeframes ?
Would be nice ofcourse if one can play with values of the KS and other values.
Is it also possible to implement Moneymanagement with it ?
I tested it manually on the EUR/USD for 2006 and it made over 1500 pips with 13 trades, 3 losers and 10 winners.
Will do more testing on other years and pairs.
I hope I made things clear, and I hope I haven't forgotten anything.
I hope someone can help me with this.
Profitman
If you aren't going to use the itchimoku system in it's entirety you would be better off trading the Tenkan/Kijun cross than Tenkan/Price. Less whipsaws.
But the consensus is that you are always better off learning how to use the itchimoku system itself. If you just trade the crosses without consulting the kumo eventually you will run into a string of losses that will either kill your account or turn you off of Itchimoku all together.
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... bit late reply... but if you are still wondering about this I have just what you are looking for, a functioning Ichimoku trading system for Vt Trader/CMS just have to convert code to MT4, looking for some one share the cost or coding.
System trades weak normal and full based on crossing above, in or below cloud.
Cheers,
Jani
Last edited by Linuxser; 02-09-2009 at 01:41 AM.
Reason: email
I have seen several charts while looking around and familiarizing myself with this particular indicator, that had the current prices of the individual indicators listed up at the top. (i.e. Kijun sen, Tenkan sen...etc)
What I am wondering is if anyone has or knows of a place that I can download that so that I can add that to my current chart layout.
Linear Mode
