Channel trading system - page 13
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You can use this indicator with alert for dynamic support/resistance lines to know exactly the price which should be broken (for breakout), or where to exit for example.
https://www.mql5.com/en/forum/173317/page2
Just few words about open and close bars.
Look at this chart. It is GBPUSD. Do you see dot? This dot is on open ar. It means that bar/candle did not close yet. We are not trading on open bar. We must wait untill the bar will be closed to see the signal after closing (or not to see).
And it is the same chart when bar was closed:
It is normal case?
Yes. Because we are trading on close bar only. We are ignoring the signals on open bar. Signal on the first image should not be exit for us as it is just a warning: 'possible sell soon'.
We are trading on close bar only.
Any signal systems are trading on close ar only incl BrainTrading, Brainwashing, any asctrend, any EMA crossing and so on.
Just some infor about what is open and close bar concerning signal systems (and according to coders' understanding when you will want to descrie the coders your rules to be coded).
If you will say:
sell on bar #1, or sell on close bar (in most cases it is previous close bar), or sell on previous bar (in most cases it is previous close bar) so very coder will understand you that you are talking about close price forjust one previous bar.
Otherwise the coders will ask for the ules, or will ignore the request.
You can use this indicator with alert for dynamic support/resistance lines to know exactly the price which should be broken (for breakout), or where to exit for example. https://www.mql5.com/en/forum/173317/page2
Thanks for this thread ND!
If you have time will you please show some examples of using this range move alert indicator.
Thanks for this thread ND!
If you mean Maksigen_Range_Move the thread about and explanation are here: https://www.mql5.com/en/forum/173317
Thanks for this thread ND!
Yes, I will try ti give simple explanation about this indicator (on Friday may be). This indicator is very interesting and it can be just separated trading system using just one this indicator. But basicly it is related more related to support and resistance.
If you mean Maksigen_Range_Move the thread about and explanation are here: https://www.mql5.com/en/forum/173317
I never saw this thread...I'll read it thanks.
Yes, I will try ti give simple explanation about this indicator (on Friday may be). This indicator is very interesting and it can be just separated trading system using just one this indicator. But basicly it is related more related to support and resistance.
I look forward to your explanation and insights when you have time Newdigital.
We can see the situation with EURUSD M5 timeframe now:
- RSI_Filter indicator is on uptrend;
- channel is on downtrend;
- price is on the upper border of the channel ready to go down to continue downtrend, or to break the channel up;
- levels for breakout is 1.5397 and 1.5375;
- price is stucked between many support/resistance lines;
- stop loss (if we open sell now) can be aroud 1.5400.
- possible take profit (if we open sell now) can be aroud 1.5343 but 1.5375 level should be broken first.
- trend line - uptrend (M5 timeframe);
- exit for former buy order;
- correction did not start yet so if price will go to uptrend so it will be just a correction first so be carefully with this breakout level 1.5397 - it may be just a correctional trend (not strong one);
Recommendations: not trading M5 EURUSD now waiting. Or look t USDCHF for more understandable situation.
More understandable situation is for USDCHF. At least we are having RSI_Filter is on uprend (with the same with channel direction and trend line). Still waiting for the breaking some levels (you can see everything from the image):