The AshFX System - Version II

[spidey]

Originally Posted by amochoc

Thankyou Ash for your kindness and support to share your Forex System.

I have just read this whole forum thread over the last few days and its has been a great insight towards my forever growing forex education and experience.

I appreciate you and all the contibutors inputs to making this a very welcoming environment, no matter where you come from or level of knowledge of the forex markets.

You have put a great positive spin on trading the longer timeframes.

No doubt I will have numerous questions for you all over the coming weeks/months, as I wish to eventually make worthy contributions of my experiences with you all.

So where do i start?

Well I have uploaded Ashs template, and Swingmans signals and Dashboard onto Metatrader which is a great start.

So when I get a signal, can I just look at Support/Resistance and see if there are any obstacles close by? Check the signal candle pattern? Check the Stochs are not twisted ? Check my risk management?

If I am not sure about a daily signal, can I go down to a 4hr chart and wait for a MA cross to confirm?

Also, I am in Australia, so my daily candle with GFT closes at 11am. Its not a convenient time, as I am generally at work. Does anyone know of a Metatrader broker that has a more favourable daily candle close for early in the morning eastern Australian time?

Mind you, I have noticed that even if there was a signal at my daily close time of 11am, the market doesnt really take off until the opening of the Euro Session.

Once again, I cannot thankyou enough Ash, for your generosity in time and effort to enhance our education and wishing us all success. The kind remarks when people succeed is very favourable and encouraging for newbies like myself.

Angela

Hi Angela,

I too am in Australia, and understand how the close time can be inconvenient. The system and the signals work best when you use the FXDD Metatrader. That way you will get the same signals as Ash (and is what most of the forum comments are based on). The daily candle closes at 9:00am AEDT, and there is no Sunday candle to add confusion. Take the signals from FXDD's Metatrader, then place the trades with GFT, if that's your broker.

It's more convenient for me when we're not in Daylight Savings time as the candle closes at 8:00am, but until then, a netbook and wireless broadband can be a solution.

Remember, to trade this system purely, you must wait for the signal candle to fully close.

Good luck,
Spidey

[amochoc]

Dear Spidey,

Thankyou for your advice. I'll set up FXDD as you advised.

Do you enhance Ash's System in any way?

Angela

[DaTrader]

Originally Posted by DaTrader

Has anyone else had trouble getting the DashBoard to work on IBFX? I can't get the scripot to run and was wondering if yoiu could help?
Thanks!

I'll answer my own question, IBFX has a Sunday bar!
DOHP! I had a brain fart!

[hlass]

I trade with IBFX, but use FXDD demo account to get the same candle that ash's method gets, the platforms are different by 3-4 hours depending where you live, best advice is to get fxdd demo like Ash has mentioned and just use it for the signal and place your trade on IBFX-hope this helps.
hlass

[mruds]

i am in New Zealand and had similar doubts initially.The daily candle of FXDD closes at 11a.m.NZT.I like this method as it lets me be part of UK and US session without staying up whole night!
The only drawback is i cannot trail my profits if the trade goes in favour as it might be sometime in the middle of night for me.
My first trade anyway hit stoploss so let's see how next ones go.I am sure i will learn more with every trade.
Meanwhile,any suggestions from u guys from this part of the world reagrding moving sl to BE or trailing stops without losing sleep?!
mruds

[spidey]

Originally Posted by mruds

i am in New Zealand and had similar doubts initially.The daily candle of FXDD closes at 11a.m.NZT.I like this method as it lets me be part of UK and US session without staying up whole night!
The only drawback is i cannot trail my profits if the trade goes in favour as it might be sometime in the middle of night for me.
My first trade anyway hit stoploss so let's see how next ones go.I am sure i will learn more with every trade.
Meanwhile,any suggestions from u guys from this part of the world reagrding moving sl to BE or trailing stops without losing sleep?!
mruds

mruds,

The beauty of this system is that you can trade the daily timeframe, and only have to look at your chart once a day. You will set up your automatic stop loss when you enter, then just check each day at candle close and exit half your position if the trade is in profit, and move your SL to BE. If you're not in profit yet, just hold on until the next day. Then check each subsequent day at candle close and exit the second half of your trade if either the AO or PSAR turns the opposite colour/direction.

This way you can sleep easy without having to worry about moving or trailing any stops.

spidey

[spidey]

Hi Angela. No I trade Ash's system as the rules were written. No enhancements. There is another thread you might like to follow where traders have added complementary techniques to the original system.

[mruds]

ok, tks for yr advice Spidey, i will keep that in mind next time my trade goes in profit.
mruds

Originally Posted by spidey

mruds,

The beauty of this system is that you can trade the daily timeframe, and only have to look at your chart once a day. You will set up your automatic stop loss when you enter, then just check each day at candle close and exit half your position if the trade is in profit, and move your SL to BE. If you're not in profit yet, just hold on until the next day. Then check each subsequent day at candle close and exit the second half of your trade if either the AO or PSAR turns the opposite colour/direction.

This way you can sleep easy without having to worry about moving or trailing any stops.

spidey

[nickobuse]

Hi,

Thanks for your contribution, I really appreciate your efforts, if I may ask, is there any filter one can use to avoid drawback of trade setup like that of EUR/USD of 11th Jan, 2010. Thanks

Originally Posted by AshFX

Hi all,

So today we have two setups on the AshFX V2 System. Namely:

- Buy EUR/USD
- Buy EUR/CAD

The EUR/USD would have been a good setup was it not for the longish upper wick. It may turn out good, but I'm a cautious trader, so not taking this one.

the EUR/CAD looks like a risky setup, because a) the SL is over 250pips, and b) it's EXTREMELY close to the 23.6 Fib line, as can bee seen in the screenshot, so resistance may take over.

[AshFX]

Thanks Spidey for helping out.

Hope that makes sense Angela and mruds