Ichimoku on crypto trading?

[Calm N Patience]

Hi All,

Anyone of you use Ichimoku on crypto trading? Please share your experience and which crypto trading platform has Ichimoku indicator? Thanks.

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[Norcal2020]

I've been intrigued by the Ichimoku system and have been watching videos on YT (there are some really good ones) to learn more about the philosophy. To test it in action, I've been using the free version of Trading View to "test" out some trades based on the small amount that I've learned. You will also learn that the system can be extremely complex but with the right indicators set up, it's way more visually appealing. Good luck.

[cryptician12]

I personally don't use any indicators except for moving averages. Everything else just clutters the screen and distracts you from the basics.

Try doing a google image search for prop trading and look at what the pros have on their screens. Surprisingly, you will find that pros don't really look at charts, and if they do happen to have a chart, its the most basic chart without any indicators whatsoever. Instead, most of their focus is on analyzing volume, level 2 quotes (the order book) and Time and Sales data. These are the basics from which they can identify strong support and resistance levels. Everything else is just white noise, and I have yet to see a pro trader using ichimoku

[layoutph]

Indicators is not working fine from small volume coins. But its working fine on forex. I use RSI, Moving and bolinger.

Hi All,

Anyone of you use Ichimoku on crypto trading? Please share your experience and which crypto trading platform has Ichimoku indicator? Thanks.

[ken_hatoyama]

i found that default setting of ichmoku is too sensitive to crypto price movement, and it's too hard to read. I usually double length to set (10,30,60,30) based on from him. I found it works well at least for me. https://www.tradingview.com/chart/BTCUSD/FJZpKzep-Chart-Optimisation-of-Ichimoku-for-Bitcoin/

[Low Sigma]

I personally don't use any indicators except for moving averages. Everything else just clutters the screen and distracts you from the basics.

Try doing a google image search for prop trading and look at what the pros have on their screens. Surprisingly, you will find that pros don't really look at charts, and if they do happen to have a chart, its the most basic chart without any indicators whatsoever. Instead, most of their focus is on analyzing volume, level 2 quotes (the order book) and Time and Sales data. These are the basics from which they can identify strong support and resistance levels. Everything else is just white noise, and I have yet to see a pro trader using ichimoku

In my opinion you are right that Ichimoku is useless and has no predictive power anymore. Nowadays the prop traders don't use old fashioned TA anymore because they squeezed the juice out of it long time ago. Sorry OP, but Technical Analysis is dead. If you happen to make money using TA, it's just luck.

In order to survive they switched to complex quantitative'ish tools. The new proprietary tools that they develop are borrowed from digital signal processing(Wavelet/Fourier), heavy stats/stochastic, machine learning and other goodies.

[D_unch]

I've watched some YT video and tutorial and to me is pretty easy to understand, but with low volume coin it's a mess, strange clouds..

The hard part for me is selecting the time frime; often on 1hr says one thing and on 6 hours the total opposite. What timeframe do you use for daytrade?

[Low Sigma]

I've watched some YT video and tutorial and to me is pretty easy to understand, but with low volume coin it's a mess, strange clouds..

The hard part for me is selecting the time frime; often on 1hr says one thing and on 6 hours the total opposite. What timeframe do you use for daytrade?

Regarding which time frame to choose, here is a general idea: trade multiple time frames at the same time. Basically you will diversify along the t time scale.

If you have a Long signal on 6H and a Short signal on 1H tf, then you can net the difference and have that difference as exposure in the market. So while you are waiting for the 6H to give profit, you will make a quick profit on 1H time frame.
If the strategies have positive edge on multiple time frames you are lucky because you can can earn more and smooth the risk at the same time.

[Genrix]

Indicators are too slow, forget about it. The only reason they does work is strong bullish crypto market

[DaMut]

Ichimoku did not work at this moment in my opinion but it does not mean it has no use for cryptocurrency.
technical analysis and fundamental analysis will only works when the market a bit stable or when the market move sideways.
for now i do not think it has its own uses because the market moved by certain people and that people will always break the pattern.
if an asset can be manipulated easily,it's very hard to predict the market because it will always break the pattern.
but of course someday it works.
the only way to read the market at this moment is by reading people sentiment and always move to the opposite side.
if you keep insisting to know about it,i think it can help you a little bit about it :
https://cointelegraph.com/news/how-ichimoku-cloud-charts-can-boost-your-bitcoin-trading-skills

[Calm N Patience]

Cool guys! Thanks for your insights. Might just use bolinger band and RSI on crypto, so far I think these two work well on crypto.

[bobojoe]

i found that default setting of ichmoku is too sensitive to crypto price movement, and it's too hard to read. I usually double length to set (10,30,60,30) based on from him. I found it works well at least for me. https://www.tradingview.com/chart/BTCUSD/FJZpKzep-Chart-Optimisation-of-Ichimoku-for-Bitcoin/

I read that the ichimoku system was designed around a 6 day trading week, since at the time that's how trading worked in Japan. If that's true, I wonder if doubling the values is actually that useful, or if the default values might still be valuable.

I know people have had success trading this strategy, but what are people's experience both using the default values and doubling the values? With the default values it looks like you should be starting a short right about now, and with the crypto values it still seems ambiguous to enter a trade.

Curious about peoples experiences.