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  • #2,541
  • Oct 26, 2008 9:43pm Oct 26, 2008 9:43pm
Quoting scott087
Aren't you supposed to avoid having positions opened on the same pairs with AUD as the base currency?

For example if you get a signal on AUD/USD and AUD/NZD, you only take one of them because you don't want to have two pairs such as AUD/XXX

Ash could you clarify this?
It's personal preference. Nothing against the rules.

If I'm taking both trades, then I would lessen the risk.
  • #2,542
  • Oct 26, 2008 10:00pm Oct 26, 2008 10:00pm
I agree with Ash, take whatever trades you are comfortable.

It can go either way. When a currency moves, typically all of the cross-pairs move.

If they are going negative, you have SL for a reason.

If they all move positive, then life is good.

Scott, I sense this is new to you, if not please disregard the following comments. I highly recommend you paper trade it until you can do it in your sleep. Also, read all you can on forex, a good place to start is the online training on babypips.
  • #2,543
  • Oct 26, 2008 11:27pm Oct 26, 2008 11:27pm
Quoting M&m
I agree with Ash, take whatever trades you are comfortable.

It can go either way. When a currency moves, typically all of the cross-pairs move.

If they are going negative, you have SL for a reason.

If they all move positive, then life is good.

Scott, I sense this is new to you, if not please disregard the following comments. I highly recommend you paper trade it until you can do it in your sleep. Also, read all you can on forex, a good place to start is the online training on babypips.
I'm not new to trading, just new to the system. I want to be sure I know it in and out.

Could either you or Ash give me your opinion on what to do when you:

Take a long signal that turns out to be losing pips,

You then get a short signal while the losing long is still open (SL isnt reached yet).

Do you think it is best to cut the loss on the long and open the short or just ignore the short signal and let the long play out?
  • #2,544
  • Oct 27, 2008 6:57am Oct 27, 2008 6:57am
Quoting scott087
I'm not new to trading, just new to the system. I want to be sure I know it in and out.

Could either you or Ash give me your opinion on what to do when you:

Take a long signal that turns out to be losing pips,

You then get a short signal while the losing long is still open (SL isnt reached yet).

Do you think it is best to cut the loss on the long and open the short or just ignore the short signal and let the long play out?
Sounds like you are talking about secondary trades per the rules. Why do I say that?

You will never have a reversal of the PSAR and still be in a position unless you have your stop set higher/lower then the first bar of a new reversal. Take a look at the rules and formula behind the PSAR.

I set all stops at the high/low of the initial bar (per the rules, first trades).
  • #2,545
  • Oct 27, 2008 7:47pm Oct 27, 2008 7:47pm
Quoting M&m
Sounds like you are talking about secondary trades per the rules. Why do I say that?

You will never have a reversal of the PSAR and still be in a position unless you have your stop set higher/lower then the first bar of a new reversal. Take a look at the rules and formula behind the PSAR.

I set all stops at the high/low of the initial bar (per the rules, first trades).
Take a look at this chart, I was actually trading this live. I had a Second Strength long signal which I took (first pink line on left). My stop, as per the rules, was the swing low (red line that says long stop). While in the long trade, a short signal came up and I was still not stopped out of the long. I ignored the short signal and my long got stopped out the next day.

Obviously in hindsight it would have made sense to cut the loss on the long and open up a short. Can you or Ash comment on this? Do you guys think it makes sense if you are in a losing trade (ie my long) and get an opposite signal (ie the short signal I got) to close the loser and open up a position according to the new signal?
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  • #2,546
  • Oct 27, 2008 11:07pm Oct 27, 2008 11:07pm
I can't speak for anyone else, but if I get a signal to go short and I'm currently long, I reverse the trade.
  • #2,547
  • Oct 27, 2008 11:14pm Oct 27, 2008 11:14pm
Quoting Ronald Raygun
I can't speak for anyone else, but if I get a signal to go short and I'm currently long, I reverse the trade.
Thats probably what I'm going to do now. If I had done that on my past EUR/USD long signal I would have made back my loss and then some...
  • #2,548
  • Oct 28, 2008 8:38am Oct 28, 2008 8:38am
Quoting Ronald Raygun
I can't speak for anyone else, but if I get a signal to go short and I'm currently long, I reverse the trade.
I agree with you 100%. If you weren't in the position at all, what would you do? Then do it.

Looking at your EUR/USD chart, is your setting on the PSAR correct. Probably different platforms, I did not get the buy signal until the next bar so luckily missed out on it.

By my own rules variation, had I gotten that signal, I would have set my SL at the bottom of the signal bar. Even following the rules, AC/AO are green and the Stoch is just barely above 50 and both are climbing, probably good to set at low of signal bar.
  • #2,549
  • Oct 28, 2008 1:23pm Oct 28, 2008 1:23pm
Quoting M&m
I agree with you 100%. If you weren't in the position at all, what would you do? Then do it.

Looking at your EUR/USD chart, is your setting on the PSAR correct. Probably different platforms, I did not get the buy signal until the next bar so luckily missed out on it.

By my own rules variation, had I gotten that signal, I would have set my SL at the bottom of the signal bar. Even following the rules, AC/AO are green and the Stoch is just barely above 50 and both are climbing, probably good to set at low of signal bar.
I'm using a feed from FXDD which is recommended for this system. Unfortunately it produced that short signal while I was in a long trade and I didn't know what to do at the time.

So you are saying that since the stochs were barely above 50 it was almost good enough for a primary trade, thus the stop at the daily candle low? What other variations have you made because I'm making a couple modifications myself
  • #2,550
  • Oct 29, 2008 10:14am Oct 29, 2008 10:14am
Scott, if one was long, and the system signalled short, then one has a number of options. There are no hard & fast rules for AshFX Daily. One could either:

a) Quit the long, and go short.

b) Stay long, but go short as well (essentially hedging to an extent)

c) Ignore the long signal, and stay short.

d) Exit the long, and don't go short.

Now, depending on the circumstances, EITHER ONE of those could be a good decision, especially the last one - remember, you don't have to always be in a trade. This is not a stop and reverse system.

Having said that however, generally speaking, options a) and b) are the most viable.
  • #2,551
  • Oct 29, 2008 5:07pm Oct 29, 2008 5:07pm
Hi
It looks great method especially to any one hasn't enogh time to trade during the day.
Is this apply to any daily candle? on other words should we follow a specific time for daily closing? because the daily close vary from broker to another, some broker close the day at 00:00 gmt others at 21:00 gmt and so many.
Good luck
  • #2,552
  • Oct 29, 2008 6:54pm Oct 29, 2008 6:54pm
Anyone take any signals today? There were a bunch of second strength trades and one first strength on CAD/JPY.

However, the long signal on CAD/JPY seems like it is right at the 50% fib retracement on the downtrend. Anyone have any comments on this?
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  • #2,553
  • Oct 30, 2008 3:01am Oct 30, 2008 3:01am
I don't take signals that are counter-trend. I only take signals according the 200SMA.
  • #2,554
  • Oct 30, 2008 6:40am Oct 30, 2008 6:40am
Quoting scott087
Anyone take any signals today? There were a bunch of second strength trades and one first strength on CAD/JPY.

However, the long signal on CAD/JPY seems like it is right at the 50% fib retracement on the downtrend. Anyone have any comments on this?
Hi Scott
At what time the daily candle closed?
Thx
  • #2,555
  • Oct 30, 2008 9:01pm Oct 30, 2008 9:01pm
Quoting Mmk
Hi Scott
At what time the daily candle closed?
Thx
The daily candles close at 5:00PM EST. The CAD/JPY was at the 50% fib retracement so I was concerned the downtrend was going to resume but it looks like the trade is somewhat going in favor of the signal. Here's what my chart looked like.

I also like to ignore signals that are counter-trend. Does anyone else have any input on filtering signals?
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  • #2,556
  • Oct 30, 2008 9:11pm Oct 30, 2008 9:11pm
sorry, english isn't my native language.

Hi all,

I'm reading the thread for the last days, i'm stay in the page 89 (1300 post readed) and i have some questions.

1) The pdf says: to calculate SL do: candle_high-candle_low and next TP = SL. But... if i do a secondary strenght trade, i need use swing high (or low) to SL. The question is, in SS is TP=SL or TP=candle_high-candle_low

2) I'm only see expert advisors programed, i dont like it, because i dont like automatic trading. i can found in the nexts pages of post some indicator likes pipsnailer for this method.

Best Regards,
Best Trades,

--
F (from the last country in the world, Chile)
  • #2,557
  • Oct 31, 2008 5:38am Oct 31, 2008 5:38am
Quoting scott087
Anyone take any signals today? There were a bunch of second strength trades and one first strength on CAD/JPY.

However, the long signal on CAD/JPY seems like it is right at the 50% fib retracement on the downtrend. Anyone have any comments on this?

hi Friend,

From where did you get it is very nice. I liked it.
  • #2,558
  • Oct 31, 2008 5:40am Oct 31, 2008 5:40am
Quoting lrathi
Sticking to my trading rules I trade LONG when price above 200MA on daily TF. and vice versa.
I did not go SHORT. I may miss a few pips in some trades but in the longterm I gain by sticking to my rules.

What I see in price action
Bearish divergence (trend weakening) on both wkly and dly charts.

If your trading plan allows you to go short,do so. Watch for support at the red down trend line and then at the green uptrendline.

LR
Hello Irathi,

I liked you chart it is very nice and profitable. I could not find it anywhere.
  • #2,559
  • Nov 1, 2008 10:21am Nov 1, 2008 10:21am
Hi All,

I was read all of the thread! I was make a litle indicator to the signals of this system, can you try & test this?

Looking the graph:
the (1) signals are trades,
the (2) signals are Second Strength Trades
the (3) i don't know if it's valid or not, ¿can you confirm? it's a mix of the type a and b of the SS.
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  • #2,560
  • Nov 3, 2008 3:50pm Nov 3, 2008 3:50pm
Just got a signal on USD/CHF for today...

Not sure if I'm going to take it though. Is anyone taking it?
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