"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Wednesday, April 4, 2012

Ichimoku Kinko Hyo

Decide to try out a new indicator this time round, called the 'Ichimoku Kinko Hyo'. Before I went to study a little of this indicator, a glance of it is like so complicated. It is still complicated to me, trying to memorize all the Japanese name for the individual lines. I will write more details and the uses of it when I am more familiar with it. There are quite a number of blogs and sites that explain the use of Ichimoku though only a handful of books that specialize on it. Right now I am still trial running this indicator for my trading, pip size are almost halved in the following trades I under-taken.

..way of the samurai.

Besides having a change of "clothes" to my trading chart, I have also created [yet another] Trading Journal excel. I used to think, hey all these transactions are indicated in my broker's site, and hell, now that myfxbook.com gives a free and even more detailed transaction history of your trading, why need a journal? Looking back at those transactions doesn't explain why I enter/exit a trade, what happened and how I traded, I need to account for my every trades and take it like a business from now. I may even hire an auditor to check there are no fraud trading. Just hope I don't caught another losing streak and then abandon everything!

An embattled March result is not fun. I need some serious re-work, while juggling poker at the same time. I have decided some change in my approach in both areas, will update in my poker site blackdeckpoker.blogspot.com soon.

Aud/Jpy - I think my exit makes more sense than my entry. Entry was just a moderate bearish signal and was almost ranging after I entered.

+34 pips

Aud/Usd - Hit my target upon FOMC minutes. Target hit because of the help of fundamentals, a double-edged sword in trading. Missed another short-entry when aussie report trade deficit. I wanted to enter but was there ehmm.. err.. and then it spiked down.

+45 pips

Eur/Usd - Entry is kinda late though, took the whole day for the price to break go down to support when I exited. Still traces of bad habits when I move take profit closer by 5 pips.

+44 pips

Fine start, let's see how it goes Black.


Chaos Theory Trading said...

There is something about Ichimoke clouds that attracts people, I used to look at it but wasnt able to trade it well. I did find, not surprisingly, that the signals worked best for me when used on JPY pairs. Maybe you'll notice the same...

Black said...

what I like about it is that it contains MA, support & resistance and price momentum.

I read somewhere it says that Ichimoku is mainly used on JPY pairs too, will keep a look-out :)

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