ASCTrend system - page 34
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3 Stoch indicators are very important for this system on M5 informational template as we can see the price action by Stoch indicators.
ND... would you please explain how do you read and react to the price action as drawn by the 3 Stoch indicators on M5... what your mind is doing and how it is responding when looking at the Stochs ...? can you give a running commentary on it...? -tks
ND... would you please explain how do you read and react to the price action as drawn by the 3 Stoch indicators on M5... what your mind is doing and how it is responding when looking at the Stochs ...? can you give a running commentary on it...? -tks
I explained already in some posts on this thread but could find it now.
Those 3 Stoch indicators are having different settings.
1st indicator is acting as quick Stock, 2nd - medium and 3rd - slow stoch. Indicators are "moving" by price action. I mean that lines in indicators.
So, if we are thinking to open buy order for example, and slow stoch is below 25 or 20 so that's fine. We need to look at fast stoch because this 1st/fast stoch is moving as waves on the sea (very quickly). Usually reversal is starting from the 1st stoch, then 2nd stoch is "participating". But if 3rd slow stoch is not reversing so we may understand that it was just correctional movement of the price or false reversal. During the news for example. Then all 3 stoch indicators are below 75 for example and ready to go up so we are looking for the 1st fast stoch. Because uptrend will be started from 1st stoch indicator and the other 2 indicators are not re-acting in the beginning.
I am using those stoch indicators in informational way only just to understand the market condition. Because when I open Mertatrader so need to know what price did when I was sleeping for example. Just to understand "where we are now".
Sorry for complicated explanation but it is necessary to see the chart in action for at least few hours to understand it.
Those Stoch indicators are helping a lot.
1st (fast) stoch is moving down for example. If the trend is strong one so this 1st stoch will "move" the second stoch. If the trend is very strong so this second stoch will "move" the slow stoch.
Look at the image: seems it was uptrend but it was started too far from pivot line. So it was necessary to understand aboput where the price now and what to do.
Look at M5 informational template. We may understand where correctional uptrend will be finished and when real uptrend will be started.
What will be on Monday for example?
It may be correction (if the blue line of PT indicator is moving between red line and yellow line so it is the correction - until blue line did not closs the yellow line directly).
And look at stoch indicators: 1st indicator was started this correctional downtrend already. 2nd may be started soon. But not 3rd indicator yet.
Some indicators are MTF and "painting the past" (PT for example) so I am using those indicators in informational purposes only (as informational template).
This system can not be used without price action understanding. Most of the indicators in this system are just for this perpose only. And two templates are for this purpose as well.
Well.
Just a funny explanation.
It is price action. Price = taxi with driver. When open Metatrader so we need to understand what the price did before.
[CODE]- Where we are going now? Where we will stop?Which trend and which market condition we are having now?
Support and resistance lines? Where the price will be moved to in the near future? Can we predict it? Which levels?
Sorry for this funny explanation but it is very understandable: we can not trade this system if we do not understand where price is going now and why.
And 2 informational templates (M5 informational template and H4 informational template) are helping us to understand the price in action.
Members may use any informational templates. I am comfortable with my templates with Ichimoku but other members may use my templates or create the other ones with different indicators.
Thank you ND... your way is a new way to me of using Stochs... very informative... the way you set them up... thanks again... the only thing I did, I put them on ONE window... and added RSI 3... on info templates H4 I have only Stoch 34 and RSI 3... am trying to settle on H4/H1 Entry/Exit signals... and execute them on M5... -tks
BTW: I use oscillating Stochs on MTFs and price action to see where the "best" entry/exit points may be...
Igorad...
Hello Igorad...
[1] Well working Trading System!
https://www.mql5.com/en/forum/174793
Igorad's Post => https://www.mql5.com/en/forum/174793/page6
Some good news for this thread:
1. I've fixed and updated indicator TrendStrength. Now it works good on any timeframes.
2. I've developed MTF version of TrendStength.
3. Also I've developed EA for this strategy. Now I try to optimize settings.----------------------
[2] ASCTrend system
https://www.mql5.com/en/forum/174756
EnkiJr's Post => https://www.mql5.com/en/forum/174756/page22
-----------------------
Igorad... in your post under [1] above... you said you made an EA for that system... I am learning and implementing the TS under [2] by you and Newdigital... ND is using H4 as the info template... and when I looked at and compared the H4 under [1] with H4 under [2]... it seams the signals given by H4 under [2] are showing up faster on chart than on H4 [1]...
Having EA already done for [1]... would you please see if this EA could be modified to work on H4 [2]...? this would be a terrific tool for H4 traders here... -tks
I tried to reduce using MTF indicators. Because we can not make any trading decision based on MTF. I am using MTF indicators just for information only. Because MTF is re-painting. For example I attached MTF indicators to M5 chart with indicator's settings as H1. So this indicator may re-paint last H1 open bar which is 12 bars maximum on M5: sometimes it is not re-painting, sometimes just few bars and 12 bars in maximum. For example, now is 5 minutes past 4 pm GMT. Just for example. Will MTF_AbsoluteStrenght re-paint? No, because H1 bar just closed. If 10 minutes past 4 pm? Yes, it may re-paint 1 close bar on M5.
PT and PriceTrender are MTF as well and those indicators may re-paint as well.
We can not make any dicision for buy/sell order based on MTF indicators. Irrespective of skills and experience. Physically impossible. I am using those 3 MTF indicators just for informational purposes.
That is why I tried to reduce using MTF.
As to Stoch indicators so it is standard indicators in Metatrader and does not re-paint. Some people may use Momentum indicator instead of those 3 Stoch indicators. We are having the threads about divergence/convergence:
https://www.mql5.com/en/forum/175886
and
https://www.mql5.com/en/forum/176430
But I prefer to use 3 Stoch indicators for this system.
I like the Stochs as well... however, I was thinking if Igorad could make an EA for H4 time-frame that you use in here... the way you put H4-infoWindow together seams to be terrific for "trend following" as well as for "breakouts"... and it looks like H1/H4 are giving much safer Enter/Exit signals than M5... M5/M1's candles are very good though for the "exact" entry/exit points...
So I was just asking if Igorad could make/modify an EA for your H4 only... based on the indicators you have assembled... and as I said, the trend/reversal signals are showing up here faster than these from "Well working Trading System!"
And S/R & breakout lines are 1st class as well... splendid job on this H4 "info" window... -thanks ND
Today, first time since I don't know when... Based on H4/H1... I had a very good run with GBP/JPY and USD/CAD... using Stop and Limit orders and... have captured "precisely" a reversal on USD/CAD on M5/M1 time-frame by observing the change in candles/price action... your work and lectures helped me to finally have a good day...
-tks
People who prefer to get 10, or 15 (up to 20) pips so may trade light paramon system on M5 https://www.mql5.com/en/forum/173317 as inside support/resistance as outside s/r channels.
It was some breakout in the morning and now the price is "coming home".