ASCTrend system - page 31
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Ichimoku H4 chart.
There is Ichimoku thread and everybody may read about this indicator here https://www.mql5.com/en/forum/172986
I just want to remind something:
- if Chinkou Span line (write line on Ichimoku_H4 template) is crossing the price - it is the good signal for buy or sell. This line is moving but it crosses the price on historical data. We have good signal if write line is crossing the price in almost vertical way (if line is going up - uptrend). If this line is crossing the price in almost horizontal way - flat or ranging market.
- We have general uptrend if the price is above the cloud, downtrend - below. It is long-term tendency. For example if the price is above the cloud and write line is crossing the price indicating uptrend so it is very good and strong signal.
- borders of the cloud are support/resistance lines.
- If the price is inside the cloud - flat or ranging market. Some people understand cloud as a channel and trading inside the cloude as in same the channel. But it is very difficult and the cloud should be wide enough.
- Kijun-Sen (blue line) and Tenkan-sen (red line) idicating the trend and direction of the trend also. But the signals from these lines are not very strong sometimes.
- if cloud changed (or will change in the future) the color so most probable the price will changed the direction (from downtrend to uptend; or to uptrend to downtrend). I did not see any color of the cloud which indicates downtrend or uptrend. I mean the changed the color only.
Stochastic and Laguerre indicators are very understandable.
In our case now (see the images) if we open Ichimoku_H4 chart on EURUSD we will see the following:
- downtrend (price is below the cloud).
- price is reversed (on Friday finally): write line crossed the price in almost horizontal way (on Friday).
- Today we have flat or anging market because the price was stopped by resistance line (border of the cloud),
- red line is above blue one (uptrend).
- it is downtrend accoding to Stochastic and Laguerre indicators.
- write line crossed the price aonce again today for uptrend but it was in almous horizontal way;
- red line and blue line is going to horizontal way - flat.
- cloud changed the color for possible uptrend and according to the cloud the uptrend was started already.
It was Ichimoku_H4 chart. All the indicators and sinals are in contradiction with each other. And most of them are indicating the flat market.
We may see this Ichimoku_H4 template on D1 timeframe (see image):
- the price was stopped by resistance line (border of the cloud;
- red and blue lines are indicating downtrend;
- write line crossed the price already in very good way (very good sell signal).
So we had downtrend which was stopped by border of the cloud. Besides the Stochastic and Laguerre indicators can not fully confirmed this downtrend.
Usually i am waiting in this case.
But why I got so many pips on Friday?
Because the price was stopped by border of the cloud (D1 Ichimoku) but this border was moved up (see image) together with the price (D1 timeframe). And it was very good signal for long on H4 Ichioku chart (on Friday). because of that I got some pips on M15 ASCTrend on Friday.
And according to Fibo-Pivot H4 template we will have breakout or possible reversal case.
Stop loss.
As it is M15 timeframe so we havea time to place stop loss.
Never trade without stop loss!
I estimated stop loss levels according to the following:
- i-DayOfWeek indicator;
or
- R1, 2 or 3, or S1, 2 or 3;
or
- ^Pivot_ResSup indicator (static value as well);
or
- dynamic support/resistance/trend lines on M15 chart (see image).
or
-Ichimoku_h4 chart: 10 or 50 pips outside the cloud, or 10-50 pips from the border of the cloud inside the cloud.
I understand stop loss as very important thing. If we have good signal to buy for example but we have no idea about profit level and stop level so we don't open the order.
So first of all I want to say about pivot:
- Resistance 1 (R1): this is the 1st resistance line, which could stop a rising price.
- Resistance 2 (R2): this is the 2nd resistance line, which could stop a rising price.
- This is the middle line. A price above this line is a sign to go LONG. A price under this line is a sign to go SHORT.
- Support 1 (S1): This is the 1st support line, which could stop a falling price.
- Support 2 (S2): This is the 2nd support line, which could stop a falling price.
In my template I am using camarilla mode of Live Charts Fibo Pivots indicator on H4 timeframe with indicator's period D1.
The other indicator (^Pivot_ResSup) is drawing R1 an S1 based on the previous day.
So the price may stoped near resistance line, may break this line out, or may be reversed.
I estimated the profit level according to the following:
- R1, R2, R3 or S1, S2, S3 (this lines are static ones - they are not moving during a day);
or
- ^Pivot_ResSup indicator (static value as well);
or
- i-DayOfWeek indicator (see image - it is dynamical lines). This lines are moving during the whole day. Do not forget to set the right day in i-DayOfWeek indicator (Monday is 1 and Friday is 5), you should set the number of the day every day;
or
- dynamic support/resistance/trend lines on M15 chart (see image): hight1, hight2, low1 and low2 (and trendline sometimes). The lines are moving all the time. If one of the line is red or blue so it means buy stop order on breakout (blue) or sell stop. But I did not use these buy stop and sell stop orders.
or
- Fisher_exit indicator.
or
-Ichimoku_h4 chart.
About Fibo-Pivot you may see CatFx50 thread on this forum.
So how to start the day?
1. In the morning (GMT morning) I open Ichimoku_H4 and D1 template for EURUSD, GBPUSD, USDCHF and USDJPY. And I wrote everything on the paper.
2. The same with Fibo-Pivot_H4 template. And i am writng all the information on the paper as well.
3. Decision making concerning the possible direction of the trend, when to trade, or not to trade (to trade or not to trade ...).
According to my experience we may have several good trading days a month. Because ASCTrend system is tradable if the trend is established already.
If everything is ok so we may switch the chart to M15 template.
M15 template.
- ASCTrendsig indicator. Signal for buy or sell.
- Fisher_exit indicator - signal for er-enter.
- I-XO indicator is filter: red color is for sell orders validated.
- RSIFilter: above zero value is for confirming buy, below - for sell.
- Stochastic is very understandable.
- MACD: if histogramm is below zero and below the red signal line - signal for sell.
- PCCI indicator - crossing zero value. It is understandable as well.
So we may have many signals to enter. And this ASCTrend indicator is not the main in this subject.
Please note that signal (to open the order) from PCCI indicator is coming first and should be confirmed by other indicators.
Open the order only when I-XO and RSIFilter indicator are not in contradiction with each other.
You may have many signals from MACD indicator and, of course, if the signals are validated by other indicators (we had ASCTrend signal already few bars ago for example) we may enter.
About Ichimoku indicator on M15 timeframe.
Everything which I described above concerning Ichimoku_H4 template is valid for this M15 as well.
But the situaion is changing more quickly on M15 (compare with H4 so the main line for Ichimoku for m15 timeframe is write line.
And do not forget about LaguerreFilter indicator and RoundPrice_big indicator.
Try to trade on the direction of LaguerreFilter. RoundPrice_big indicator indicator is showing the trend in general so you do not need to switch your M15 template to M30 for example to understand more about the price movement. Just look at the RoundPrice_big indicator and it may be enough.
Of course these two filters are going on the same direction so it is most good time to enter (or re-enter).
Thus, we have many enter/re-enter signals. If you missed one you may enter on the other one. Or open the other order with the same direction (re-enter).
But it is very risky.
Try to trade without this "re-enter" first.
And don't forget to set the right day in i-DayOf Week indicator (Monday is 1).
Well.
So we wrote everything on the paper (in the morning) concening H4 timeframe (two template) and probable D1, we estimated profit level and stop level, we are comfortable with M15 template and finally we opened the order.
And what we are doing if the order opened already?
It is very difficult to wait for profit (or stop loss). Just sit and wait - difficult.
If we opened the order we are looking for the dynamical support/resistance lines and for i-DayOf Week indicator (see images).
If we understand what the price is doing every 15 minutes so it will be much more easy for us to trade. And sometimes we may close the order according to dymanical s/r lines early.