Of course SL should be much more than 16.
Because it is not CatFx50 system where you need just to catch the entry immediate before big movement.
In this ASCTrend you may open the order irrespective of this movement and news.
Why 15 timeframe? because on M15 timeframe you mayb see the price movement more clear and you may do re-enter many times.
The problem with this system is the following: if the market is reversed (from downtrend to uptrend generally - on M15, H1 and H4 for example - let's say finally) so we are getting stop loss.
Originally ASCTrend indicators were designed for D1 and W1 timeframes.
These indicators are taking the signals later but it is ok for D1 for example. And you may have many re-enter points (enter once again). because the trand is already established some time ago and we are taking just some pips from the big trend. "Some pips" for D1 timeframe may be 100 pips. Because of D1 for example.
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 imagin 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 indicator - RSIFilter or I-XO or others.
- if we know this direction so we may play our M15 game within this "frameworks".
As I know it was downtrend on GBPUSD the whole day. The same with EURUSD. Uptrend on USDCHF and USDJPY.
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.
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).
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.
- 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".
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 ?
Ok I understand what you are trying to achieve , dropping back to M15 to trade in direction of identified market direction thats ok. However I don't quite understand your last statement if you have time can you post an example please
What I mean is give me the worst example of failure for analysis.
No I am not correcting you.
I am testing the other M15 system. It was from the other system. Probably for Ichimoku thread. May be not.
I am testing it now.
When the market is reversed I probably will get stop loss with my new system. And I am waiting for this reversal just to see how i will be.
I have attached Eur view - 1 trade - potential to hit stop loss if SL =16, there was a Pivot right in front of entry so reversal on bar can understand - would of got 10 - 15 pips.
USD /JPY looked ok as well ..
BASIC ND_asctrend_M15_V1 recap
According to basic current system with SL =16, profit target in range 10-15 pips
Eur 08:45 10- 15 pips
Cable 08:30 10-15 pips
Cable 14:00 10-15 pips ( if you want to trade during this time )
Swiss 08:45 10- 15 pips
Swiss 10:15 10-15 pips
Not a lot of movement in market b4 CET this morning .....
Big picture H4 shows price needing to break trendline
Price is overbought for long duration (%R) probability favours short but need good TLB before entering M15 I think
Cable & Eur - Finally got the TLB's to the downside and everything lined up on M15 including the 2 T3's but basically price just moved way to far already so not interested . Was only interested in shorts on Cable & Eur ie price below Ema 50 , EMA 50 below EMA 100...I am calling it quits this week no trades today .
I created the system with ASCTrend indicator and Ichimoku indicator for M15 timeframe.
And I tested it on demo account during the one week.
So it is the testing results.
Starting deposit: 10,000.
Starting lot size: 1.
Timeframe: M15, ASCTrend system.
Finished with 26,494.17 deposit and 5 lot size.
Total pips: 282 pips (4918.97 in deposit currency).
Winning trades: 14 trades.Losing trades: 0 trades.
Losing in pips: 0 pips.
Total pips: 196 pips (4074 in deposit currency).
Winning trades: 9 trades.
Losing trades: 0.
Total pips: 44 pips (703.5 in deposit currency).
Winning trades: 3 trades.
Total pips: 308 pips (6797.7 in deposit currency).
Winning trades: 14 trades.
Losing trades: 1 trade.
Losing in pips: -22 pips.
Total in pips for all 4 pairs: 830 pips
Trading days: 7.
It is not unique results.
I am using the system which I did not post yet. Will post it later. The problem is that this system is missing the good trades sometimes but I think that members of this forum may improve this system.
For example, this system took very good buy on EURUSD and GBPUSD today but missed sell on USDCHF (I had sell on USDCHF with +34 and +36 pips only because it was buy on EURUSD).
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