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Originally Posted by newdigital
Originally ASCTrend indicators were design for D1 and W1 timeframes.
These indicators are takng the signals later but it is ok for D1 for example. And you may have many re-enter points (enter once again).
M15 is difficult timeframe. Because, anyway you are taking the main price direction (uptrend or downtrend) from some indicator/chart (or more higher timeframe which is the same) and playing this game within this direction having some pips.
So generally it is the following:
just imagime that you are trading H4. Right? You want to place sell on GBPUSD on H4. Right? So you did it. And instead of waiting for some profit/loss you may switch your chart to M15 timeframe to open other orders within your main direction.
In case of M15 timeframe we are not openning H4 order. We are just switching to M15.
So the main rules to trade for M15 or less:
- direction taken from some indicator (or more higher timeframe). General direction of the trend. Usually it should be some
- if we know this direction so we may paly our M15 game within this "framewors".
As I know it was downtrend on GBPUSD the whole day. The same with EURUSD. Uptrend on USDCHF and USDJPY.
See image.
Today for EURUSD you may have:
124 pips (main order) + 103 pips (re-enter) + 84 pips (re-enter).
It is 311 pips just from one chart.
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Ok ND thanks very much for this information & I have read history.
Given that I have always used long duration EMA's for analysis of H4 & DI I am reasonably confident of picking up the days market direction and dropping back to M15 - so thats good.
I am still somewhat surprised at the clarity of the current M15 signals as I said I never traded M15 before . However, given that I am trading on both live and demo accounts I can confirm that its not "smoke and mirrors" . The raw price action is very clean with good pull away from major support resistance.
I will then assume its just the strong trending days and any similar systems like this would work over last 2 weeks - hence I will expect this system to get chopped up badly when market turns to non trending ( dly). However I am also reasonably good at staying out of those markets and also good at using momentum style indicators so lets see if this version can handle those conditions with maybe a ranging filter to be added later.
Also keen to hear from traders who have posted in this thread previously about there experiences to date with ASCTREND style indicators and filters
- waste of time ?
- good in some conditions ?
- better off flipping coin ?
- best to spend money on beer and Casino ?
Regards