DSS3 :an scalping system - page 24
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Hi chrisstoff,
I am doing exctly what I did here on the forum many years ago.
Examples
- this post https://www.mql5.com/en/forum/172986/page9
and
- this post https://www.mql5.com/en/forum/172986/page9
- this post https://www.mql5.com/en/forum/172986/page9
or whole this page: https://www.mql5.com/en/forum/172986
It was few years ago when I made market condition analysis here on the forum every week to coming week and every day for the next day.
Just an example for the next day.
Ichimoku D1 timeframe.
Primary trend is bullish (uptrend).
This trend was started about 21st of August and may be finished by 1st of October (according to Ichimnoku cloud changed the color on this day in the future - see image attached).
Support/resistances levels during the day:
1.2997
1.2970
1.2752
1.3166
Secondary trend is correction.
The price is between 2 support/resistance lines for now:
1.2997
1.2970
Those levels can be breakout/breakdown levels for possible pending orders placed:
1.2997 level for buy stop trade level
and
1.2970 for sell stop trade level
Note: I am suggesting to make few pips distance from those levels. Means: in case of trading - use 1.2999 instead of 1.2997, and 1.2967 instead of 1.2970
As this is correction going on right now as secondary trend so, in case of placing sell stop order - it may be good to look at the next level: 1.2920. This level can be used for possible stop loss level, or to decide to continue with this trade or not, and/or to open new sell trade on re-enter way.
Please note - market was not reversed to downtrend yet so it may be good to close the trade at 1,2925 anyway (because we should keep some distance between s/r levels and our trading levels anyway) with stop loss somewhere at 1.2997 or 1.3010 for example.
If the price will break 1.2997 level to go for uptrend - it means that secondary trend as a correction will be finished and it may be good to place stop loss at 1.2920 and let the price run in primary/secondary bullish market.
It was Ichimoku D1 timeframe.
Ichimoku H4 timeframe
Ranging market condition.
Risky to trade.
Ichimoku H1 timeframe
Flat. Non-trading market condition.
But we should look at this timeframe for possible breakout/breakdown at the same levels as for D1 timeframe - 1.2997 and
1.2970. Those levels can be stop loss levels in case of openning market trade or pending orders.
Warning about possible breakdown is the followingL price will cross 1.2974
If it will be happened so we should be ready to open sell trade somewhere at 1.2970 or 1.2965 for example with stop loss = 1.2997 and move stop loss by trailing stop.
Ichimoku M30 timeframe
Flat. Non-trading market condition.
Same levels for possible buy or sell trades. Same stop loss levels.
By the way - Ichimoku cloud was already turned to downtrend on M30, trend line is bearish, and first ichimnoku cloud was broker already. I think that we can use this M30 timeframe for trading tomorrow for example.
Ichimoku M15 timeframe
Choppy market.
Ichimoku M5 timeframe
Downtrend started.
Same levels.
Ichimoku M1 timeframe
Downtrend started
============
All levels are dynamic (dynamically moved) support/resistance levels, and those levels can be changed anytime.
Well.
It may be good to have some confirmation from some other evaluation systems.
Asctrend M5
Price is crossing pivot line (1.2982). It did not cross yet. Crossing only.
Just to remind: everything which is above pivot line is bullish (uptrend confirmation) and below is for bearish (for downtrend confirmation).
AbsoluteStrenght indicatot is on non-trading/non-trending market condition.
MACD is indicating possible downtrend.
Asctrend M5 evaluation template
The situation with price and pivot line is same one.
But! price is already bearish and first profit level was reached.
And stoch indicators is on oversold condition ...
Brainwashing M30
Downtrend is going on (started on Friday evening).
Stop loss 1.3000
BrainTrading M30
Same levels as for Ichimoku:
1.2997
1.2970
Downtrend was started, and it was started according to parabolic sar too.
Stop loss levers:
1.3005
and/or
1.3041
But! Stochastic is on oversold condition ....
Well ... according to what I described here - we should wait monitoring EURUSD M5 and M30 timeframe for 2 levels.
And what about our DSS3 system?
if we are talking about dss_ichi version with 72-144-288 Ichimoku settings so the price is on downtrend for now, and there is no any indication that cloud will be changed by color from sell to buy condition in the near few hours after the market will be opened tomorrow. Same situation for M5 timeframe for dss_ichi. But we can see that cloud is changed the direction in 23rd of October (tomorrow) at 3 pm GMT time so ... general conclusion for EURUSD for tomorrow for at least half in a day:
wait and monitor M5 and M30 timeframes for possible levels indicating possible uptrend or downtrend.
===============
- Stoch scalp manual trading system is on this page;
- Tenkan Kijun manual trading system is on this post.
- rules of the systems and history of the development - read this page and this post;
- DSS3 EA is on this post. It is very original version of 3 Double smoothed stochastic 2 indicators working in overbought/oversolded way for buy or sell. Rules to trade is here.
- DSS3_MA EA is on this post. Settings for this EA is on this post.
- DSS3_filtered EA is on this post. This is DSS3_filtered its the same as the DSS3_Ma but now using XO clean. Do not forget to download Double smoothed stochastic 2 indicator from this post.
- Dss Ichi_Ea is on this post; first variation of the settings is here; the settings of Big Joe is here; new settings with sl 150 is on this post; new settings for ichimoku is on this post and this post.
- Dss_Ichi__Ea2 is on this post. This is an improvement of DSS Ichi Ea suggested by Gutor
chrisstoff,
So, I am doing something like that (see few posts above).
But I am sorry - it is much more easier for me to look at the charts to understand it for myself than to describe it here by text
(because I use/understand some things in intuitive way sorry).
well ... who is moving the price?
Good question ...
It is quote from Achelis, Technical Analysis from A to Z
of a head-to-head battle between a bull (the buyer)
and a bear (the seller). The bulls push prices higher
and the bears push prices lower.
The direction prices actually move reveals who is winning the battle.What is support level?
From same source:
During the period shown, note how each time prices fell
to the $45.50 level, the bulls (i.e., the buyers) took control
and prevented prices from falling further. That means that
at the price of $45.50, buyers felt that investing
in Phillip Morris was worthwhile (and sellers were not willing
to sell for less than $45.50). This type of price action is
referred to as support, because buyers are
supporting the price of $45.50.at which a bull and bear agree to do business.
It represents the consensus of their expectations.
The bulls think prices will move higher and the bears
think prices will move lower.
Support levels indicate the price where
the majority of investors believe that prices will move higher,
and resistance levels indicate the price at which a majority
of investors feel prices will move lower.This is very simplified explanation is giving some understanding to us about what support/resistance levels are for example.
wait and monitor M5 and M30 timeframes for possible levels indicating possible uptrend or downtrend.
And what forecasting indicators are telling to us about EURUSD for tomorrow?
https://www.mql5.com/en/forum/172904
It is the situation for the next 4 hours after market will be opened tomorow:
Flat. Next bar with 1.3058 high and 1.2966 as a low
=============
Next forecasting for tomorrow - ranging uptrend:
=============
This forecasting is telling sell to us ... but I think - it is past story: the price was already reached this level ...
=============
next forecasting ... ranging uptrend
=============
Thus, general conclusion for tomorrow morning was correct one:
wait and monitor M5 and M30 timeframes for possible levels indicating possible uptrend or downtrend.
===============
- Stoch scalp manual trading system is on this page;
- Tenkan Kijun manual trading system is on this post.
- rules of the systems and history of the development - read this page and this post;
- DSS3 EA is on this post. It is very original version of 3 Double smoothed stochastic 2 indicators working in overbought/oversolded way for buy or sell. Rules to trade is here.
- DSS3_MA EA is on this post. Settings for this EA is on this post.
- DSS3_filtered EA is on this post. This is DSS3_filtered its the same as the DSS3_Ma but now using XO clean. Do not forget to download Double smoothed stochastic 2 indicator from this post.
- Dss Ichi_Ea is on this post; first variation of the settings is here; the settings of Big Joe is here; new settings with sl 150 is on this post; new settings for ichimoku is on this post and this post.
- Dss_Ichi__Ea2 is on this post. This is an improvement of DSS Ichi Ea suggested by Gutor
Looking good
I am going to start forward testing, so I thought I'd run a quick backtest
on DSS_ichi first. Performance is amazing: 50% profit in only 2 1/2 months
and only 12% DD(.1 starting lot size, which is definitely too high). Although my tests were run on Alpari NZ actual server data, I don't feel the 25% modeling is very accurate. It would be great if someone could do the test with 99% quality tick data.
The tests were run with the default start/stop times. However, when I
set the start/stop to false, the results are not profitable. Since I would
like to run a live demo, can someone(newdigital?) tell me what the appropriate
start/stop hours should be for IBFX, which is GMT=0? My Alapari NZ tester is
GMT+2(not sure), so I know an adjustment has to be made.
Rob
Just an example for the next day.
Ichimoku D1 timeframe.
NewDigital,
Thank you for the analysis in details
It is very professional. Yes, I understand that evaluating the market goes faster for you than writing down such an elaborated analysis.
Well, I checked D1 time frame Ichimoku chart with the standard 9-26-52 settings and founded that the cloud changed bearish on 4th May then changed back to bulish just today, 23rd September. I think you use different Ichimoku settings on D1. Would you mind sharing your Ichimoku settings please?