ASCTrend system - page 35
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As it is asctrend M5 system by images (all the templates/indicators were on first post of this thread). USDCHF as an example.
It was good signals for many pairs with good exit.
For USDCHF: it was about +37 pips in profit with good exit.
People who are trading on countyer trend as well might get few additional pips on correction. I traded this "correction" after big movement/breakout: it is comfortable but more risky than trading our usual breakout case.
Some members are having the difficulties to select good trading system to trade. So, I may say the following - good trading system is the system when you understand everything: when to enter/exit, why, price movement and everything. And you should like this system (so, it may be personal reason also). That is why some systems are good for some people and not for the others.
As I said in this thread i am always estimating the market condition for 4 majors every week and trying to do it every day. just to understand to trade or not today.
If we look at USDCHf (see template with indicators here) so we will see the following:
- Price is below Ichimoku cloud: long-term downtrend.
- Price is just near support/resistance lines: 1.1759 and next one is 1.1712.
- we see trend line (uptrend) and resistance at 1.1891.
- AbsoluteStrength indicator (AS) and AS market condition indicator are showing "not trading" on D1 and choppy market on W1 (yellow color).
- TrendStrength indicator is on correctional uptrend.
- Kijun-sen line was crossed Tenkan-sen line (bue one and red one) but it is crossing on the opne bar so we must wait untill tomorrow.
- Chinkou Span line (write one) is near the price ready to move anywhere.
So, the general situation is the following: i am not trading today. But it is necessary to watch the price as it may be breakout today or tomorrow on D1 timeframe (price just get stuck between strong support/resistance lines).
More understandable situation is for EURUSD (look at AbsoluteAtrengthMarket indicator for D1).
More understandable situation was with EURUSD.
In case of USDCHf we had to go to M5 informational template to finter first asctrend arrow by Stochastic indicators.
But in case of EURUSd we did not need to filter anything: price was crossed blue line of RoundPriceNE_big_mod indicator with all the indicators' confirmation.
As we know according to the rules of this system the arrow of asctrend indicator is not the signals to open the order. We should wait for the price crossed with the line of RoundPriceNE_big_mod indicator, cross pivot indicator and many other indicators' confirmatrion. Some of confirmation is optional. Especially confirmation by MTF indicators. What is "optional"? It means that we may just ignore those indicators if we need to ignore it.
Besides as we see from our informational template (second image from the previous post) so this first trade was filteres by Stochactic indicators all of them simultaniously.
Second trade for EURUSD.
It was sell at the aroud 1.4192.
What is good with this trade?
- price was near pivot line;
- this trade had a good confirmation from the other indicators.
What is bad in this trade?
- price was near second exit level in the time to open the order. We, if we exit on this second level so we might get just +8 pips in profit on the same M5 bar with entrance.
- it was reaction of the price on news. News movement.
Exit for second trade.
- We said about exit on second level. +8 pips.
- Exit on 3rd level see second inage from the previous post (it is M5 informational template from the 1st post of this thread): +25 pips.
- Stochastic indicators exit: the same +25 pips.
- exit on PT indicator - the order is still open with +17 pips up to now. Still open.
Correction.
As we see on PT indicator so no any correctional trend was started yet.
I missed those trades today so I may just describe the situation in historical way.
First trade for EURUSD.
Look at the image. It is our main template from the 1st post. I just attached ForexTSD_Calendar_v1.5 indicator from this thread https://www.mql5.com/en/forum/177102
We see that it was buy signal for EURUSD: price was crossed blue line of RoundPriceNE_big_mod, price was near pivot line, it was confirmation of MACD and Pricetrender indicators. VQ indicator is optional as this indicator can not be reliable during the news time. MTF AS indicator 9last one in separate window) is just informational indicator only. Stop loss is just near read line of RoundPriceNE_big_mod before pivot line.
We know that most safe exit is exit on the second pivot level (see second image). It is +17 pips in case of exit on second pivot level. But as i know many people will preder the other exit rules: there are many kinds of exit in this system. I means the following: people who want to catch big profit by onetrade will agree with some losses, right? In case of other exit rules we will get -15 pips in loss.
Market condition.
According to this system we must estimate market condition every morning before every trade can be taken.
We must estimate the following:
- where is Chinkou Span line compare with the price?
- all support/resistance lines + border of the cloud as support/resistance.
- reversal of the cloud (the cloud is changing the color on the future indicating the future possible reversal).
- all the indicators. For example, STIX indicator is below 40 or 30 indicating the oversold market and the price can be moved down only for the big news.
- TrendStrength indicator (we see sell for TS indicator on D1 timeframe indicating future possible reversal).
and so on.
In most cases we will get the clear information; we will trade today or not.
It is very inportant if we do not have a time to look at the chart all day and night.
The other suggestion: if we opne the order so we should look at M5 informational hart (see 1st post of this thread) for exit. There are many kind of exit described on this thread.
For example:
- exit on PT indicator - the order is still open with +35 pips up to now. Still open.
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Something about this system in general.
We may trade this system if we are able to understand the price movement: why the price moved like that, where the price will be moved in the near future, where the price will be stopped for a while and so on.
If we can get this information from H4/D1/M5 informational templates so we may trade this system.
It is the good system for the people who are having good knowledge in forex and who do not like to open the order only because one indicator is telling them to do so.
The other practical suggestion.
If we decided to trade one pair (for example EURUSD) with this system so we must estimate and look at all 4 pairs. Because sometimes, for example, USDCHF is leading in EURUSD/USDCHF "partnership" (sometimes): EURUSD price may be stoped moving only because USDCHF had some resistance.
But, I think, it is just subject of the experience/practics: trade it for few weeks and you will understand about which pair is leading today and so on.
And there are the other suggestion:
if you want to construct the trading system for yourself so look at this thread https://www.mql5.com/en/forum/general (first and second posts with the links): there are a lot of very new indicators there which you will not find anywhere except in this elite indicators' thread.
Especially this thread https://www.mql5.com/en/forum/178009 is very interesting.
Exit.
our order on EURUSD should be closed already.
Most "long" exit is exit on PT indicator: the orders are keeping opened for the long time with this kind of exit.
But the order was closed already sing PT indicator as well.
And if we look at those images so we will understand why this system is having so developed exit rules.