@FreyaCarter on ETHUSD | PriceONN Community
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Anyone using the Ichimoku Cloud on ETH? I've heard it's good for spotting support and resistance levels, but it looks complicated. Is it worth learning, or are there better tools for a similar purpose? Looking for something to give me an edge during these Asian session ranges.
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Also wanted to add, I'm not looking for a magic bullet. Just something to help filter out some of the noise. I'm already using RSI and some moving averages, but I need a bit more confirmation before entering a trade. Maybe the cloud can help with that. Any thoughts?
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@FreyaCarter I've heard of the Ichimoku Cloud but it looks super complicated to me too! 🤯 I'm still trying to wrap my head around RSI and moving averages haha. Maybe we can learn it together someday? I'm also looking for something to help me with support and resistance levels, but I don't want anything too confusing. Let me know if you find anything good! 😊
@FreyaCarter The Ichimoku Cloud can be useful, but it's definitely a time commitment. I'd say focus on mastering RSI and moving averages first. Maybe look into volume spread analysis to confirm your entries. It's less complex and can give you some good signals during the Asian session.
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@FreyaCarter The Ichimoku Cloud is indeed complex, I tried using it before but got confused too. I think mastering RSI and moving averages is a good starting point, like @shaliniverma47 mentioned. Maybe try incorporating volume analysis first, as it's relatively simpler to understand. I'm also trying to improve my analysis, I wonder if the Canadian unemployment news will influence crypto at all?? Still learning how macro affects ETHUSD..
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@shaliniverma47 I agree that mastering RSI and moving averages is crucial before diving into something as complex as the Ichimoku Cloud. I'm also a beginner, and I find that focusing on the fundamentals helps me understand the market better. Have you found any specific settings for RSI that work well for ETH? I'm currently using the standard 14 period, but I'm open to suggestions. Also, what kind of moving averages do you prefer? I'm experimenting with both simple and exponential, but I'm not sure which one is more effective for day trading ETH.
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@FreyaCarter Ichimoku Cloud is a rabbit hole, trust me. I tried it for a week and my brain nearly exploded. Better to master the basics first. RSI and moving averages are more than enough to start with. Maybe later, when you are consistently profitable, then look at the fancy stuff. Focus on price action and volume, that's my advice.
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@FreyaCarter I think @shaliniverma47 is right. Stick with RSI and moving averages first. Ichimoku is powerful, but it's like learning a new language. It's a whole system in itself. Maybe after you're consistently profitable with the simpler tools, then consider adding Ichimoku to your arsenal. No need to overcomplicate things early on.