ASCTrend system - page 10
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I looked at our information charts about what is on now.
And this Friday's situation is repeated:
price came very close to pivot line and PT indivcator is confirning everything but stochastic is showing overbought/oversold so it may be reversal or breakout.
And people who are trading on correction of the market movement did good profit once again (and I was sleeping in that time).
Yes, reversal. See images.
I did not post image for USDJPY because the situation is not very clear: may be downtrend will be finished or continue just on breakout.
Problem is that I woke up too late.
People who are following this talking should have all two templates/charts opened in MetaTrader just to see something (it is very difficult to see anything from the images I attached).
I looked on our trading template (USDJPY). People who are trading on the correction of the price movement did very good profit. I can understand from information template that trend was finishing some minutes ago).
But I do not know - may be it will be reversal or breakout.
Anyway the "correction" order should be closed many minutes ago already.
We may open the order once again if something.
EURUSD reversed finally and moving in right way (sell). We may see it from our trading template. It was sell 15 minutes ago (it is difficult to type in the forum and look at the M5 charts).
As we understand from infor EURUSD template so this sell is not finishing yet. Just started.
The same situation with USDCHF: it was buy 15 minutes ago.
How long we can expect this movement for EURUSD/USDCHF?
Look at the info template: fast stochastic is showing overbought/oversold and slow stochastic is just started to move in right way. So it may be correction and after that?
Right, price will continue the movement in right way (buy for USDCHF for example) or?
Right, or beakout (different way).
Look at gbpusd infor template (see image) to understand when corection started and when finished. And why. Why started? Look at PT indicator and all the stochastic indicators in that time (see image attached). Correction.
Why we should speak about this "correction". Because it was buy on GBPUSD (asctrend signal on trade template). Why it is correction? because price was below pivot line, and PT price line was below PT yellow line (PT is indicator).
Well. But wat is going on right now with GBPUSD? Price broke pivot line and people who dd not close their "correctiona; orders" yet had opportunty to get few more pips in profit waiting for future possible breakout.
Just for information: breakout is buy for GBPUSD now; reversal is sell (correctuion for future possible sell).
But breakout is going on right now.
Look at EURUSD and USDCHF now. Correction is turning to breakout as well.
That is why many people do not like Friday and Moday.
Yes we have exit for GBPUSD. Look at the info template - all the target was met.
Situation on GBPUSD is not simple generally. We may see it from Ichimoku D1 chart: it is still downtrend of course but price is trying to be reversed to go up. Why? Because of too many resistance lines on the way down and just few of them to go up.
Why we need to look at all 4 paitr even if we trade one pair only.
Look at the images now. It may be reversal on USDCHF and not yet for EURUSD.
News market
Just to be more comfortable with information template.
Question #1: which stochastic indicator is more reliable and having more power in information template? There are 3 stoch indicators: fast, medium and slow. Which one?
Right: slow stochastic is having more power in usual market condition and situation. Slow stochastic is the leading indicator in information template.
Question #2: which stochastic is more reliable and having more power in news market (during the news)?
Fast one. This fast stochastic is the leading indicator during the fast market. What does it mean? It means that where fast stochastic is going to so in this direction the medium and fast stoch indicatiors will go as well (and price of course). In news market only.
It is something related with "trading the news" market. It is really very difficult to trade the news. We will do it later on those temlates. But for now we need to know about it and to understand it. Later on we will try to trade the news.
As an illustration you may see the images: price will contiue the movement anyway: before and after the news. On the same direction. Now we have the situation similar with the following: price is trying to come to senses just to remember what the price did before news.
tnx
Thank you for the great work NewDigital !!!
I will study your approach asap.