Iam a very big fan of Ichimoku 3,13,16 for Intraday and Swing Trades. I you had practised the simple Ichimoku Strategy along with the Time Frame Strategy you could be able to manage your risk most of the time.
This time iam presenting how to configure our favorite Ichimoku setup for the metaquote software. As many of our viewers started using Broco software for Live MCX Charts here is the Ichimoku setup for Metaquotes
Go to Navigator->Indicator->Ichimoku Kinko Hyo
If you are not having Ichimoku Kinko Hyo.mq4 Indicator then download it from here and place the file in c:program filesBroco Trader(metaquote folderexpertsindicators
Now Click on the Indicator from the Navigator Tree and Set the Parameters 3,13,16 as shown below
Now set the color settings for Ichimoku parameter as shown in the below image.
We are not Interested with the Ichimoku parameters like Tenkan-sen, Kijun-Sen, Chinkou Span so i turned off the color by selecting NONE. We are intrested only with the parameters Up Kumo(Blue) and Down Kumo(red)
Now Press Ok. Out Ichimoku Chart is ready. I had placed the Ichimoku indicator for the MX Gold Future Hourly Chart. As of now Gold is trading below the Ichimoku resistance zone 18900. Shorts are prefered for with trailing SL of 18900. Shorts should be continued until the candle closes above the cloud