Channel trading system - page 14
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Breakout.
Price crossed breakout levels.
Thanks for this thread ND!
It was examples abou how to use this range move indicator. Because those breakout levels (dotted blue/red lines) are fully related to Maksigen range move indicator only (it is as add-on to channel trading system as I used this system on H4 live for the long time without Maksigen).
It was breakout second time for today.
I am not posting the images as it was done already and as you understand everything is repainting in this system: breakout levels (sell stop and buy stop orders - blue/red dotted lines from Maksigen indicator), the channel itself, support/resistance lines, PT indicator ... Even the price is moving
Just RSI Filter indicator, Var Mov Avg indicator and Maksigen_Channel_Scalper indicator's channel are not repainting. But RSI Filter is optional, Var Mov Avg ... yes I am using it but just because it is M5 timeframe (very volatile) ...
So, it is the case that if we did not have time to open the order so it is impossible to make up for lost time and sometimes impossible to backtest to see exactly about the situation in past.
Maksigen_Channel_Scalper indicator's lines are here:
And on this image we can see breakout for USDCAD is going on right now:
Thus, it was about how to use 2 Maksigen indicators in this channel trading system.
Why we need those 2 Maksigen indicator?
We know that channel trading systen will wrk fine and without those Maksigen. Because there is breakout of the channel itself so ot os not a problem if we do not use Maksigen.
Well. Some times we feel that something will be going on: PT indicator's lines are very close to each other, price is on the border of the channel frozen for a while stucked by many support/resistance lines ... one pair ... the other pair is on the same one like that ... and many pairs are on the same condition. So, in this case Maksigen indicators will help a lot. This day is an example of those cases.
It is interesting situation on EURUSD now: channel's border was moved, our 'final' breakout levels (blue/red dotted stop orders) move closer to each other ... price tries to break the channel's border 3 times (you can see small dots) ...and price was stucked by support/resistance lines ... waiting for something.
You can analyze it by yourself.
Links to download indicators and template for this system - see post #1 of this thread.
And very interesting case with USDCHF is going on right now. Breakout finishing. Even new sell stop order was defined by Maksigen indicator.
You need good practice to trade this system. For the beginning do not try to open the order. Look at the price (for week or 2), analyze everything trying to understand everything about what price is doing, why price was stopped, if uptrend so which price level should be crossed, which stop losses, profit target #1, #2, #3 ... and if downtrend so ...
Don't open any order without clear understanding all those subject. Otherwise back to 'analysis' for week or 2 one more time.
It is difficult to trade price action using M5 timeframe. Phisically difficult. More difficult than H4. Trading inside the channel is much more easy than breakout trading.
You can see: new bar is opened right now wth the forecasting for high/low.
Not precision forecasting tool but very interesting.
And it is just an experiment.
Attach Calculation of Future Day indicator to our M5 channel chart. Link to download this indicator is on this post https://www.mql5.com/en/forum/173249/page61
And Calculation of Future Day indicator will calculate/predict future M5 bar. It is not very precision forecasting tool of course ... but very ineresting: