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What Indicators Would You Use To Predict The Next daily Candle?

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q.import
206
q.import 2012.12.05 04:46 
What Indicators Would You Use To Predict The Next daily Candle?
renko
3
renko 2012.12.06 06:14  
q.import:
What Indicators Would You Use To Predict The Next daily Candle?
no one can predict the next price ... next candle or next profit or loss :D
Moses Olawale  Ajayi
2398
Moses Olawale Ajayi 2012.12.26 19:10  
renko:
no one can predict the next price ... next candle or next profit or loss :D
Yes, i agree with you. Forex is not predictable.
Sergey Golubev
Moderator
93675
Sergey Golubev 2012.12.26 19:55  

about forecasting.

1. i-DRProjections_v.0.1 indicator.
This indicator shows the support and resistance of/for current day forecasting on the base of previous day.
All the calculation is based on Thomas R. DeMark book "New Science of Technical Analysis".

2. DailyLevels indicator: support/resistence for previous day + max/min/middle daily according to Paramon system.

3. Calculation the future day indicator.
Based on Neal T. Weintraub 'The Weintraub Daytrader'. The full description are inside the code as small article (in Russian sorry).
As I understand it is forecasting of the support and resistance for the next day.

I personally used  DailyLevels and Calculation the future day indicators for the long time. Those indicators are showing forecasting together with 'backtesting' - means: we can compare past forecasting with real data. I wanted to use both indicators to make forecasting (to create some page or to make some service for example).

Those 3 indicators are for MT4 platform. besides, I am not sure about 5 digit brokers' fixing sorry because I did not use them for the long time.

It may be good if someone can convert them to MT5 because indicators are really great.
Indicators are attached. 

DeMarker (DeM)
DeMarker (DeM)
  • votes: 10
  • 2010.01.26
  • MetaQuotes Software Corp.
  • www.mql5.com
The Demarker Indicator (DeM) is based on the comparison of the period maximum with the previous period maximum. When the indicator falls below 30, the bullish price reversal should be expected. When the indicator rises above 70, the bearish price reversal should be expected.
Christian Vost
641
Christian Vost 2012.12.27 13:03  
gbemitte:
Yes, i agree with you. Forex is not predictable.
My Prediction: It will close Up, Down or Flat ;)
Jordi Bassaganas
3528
Jordi Bassaganas 2012.12.27 14:27  
q.import:
What Indicators Would You Use To Predict The Next daily Candle?
In absolute terms, you can't use any indicator to predict the next candle because te market is unpredictable! Another thing are the specific conditions under which a given market is developing. If you study those conditions I think that you can predict the next candle with the help of a leading indicator.
Sergey Golubev
Moderator
93675
Sergey Golubev 2012.12.27 14:59  

But we all are predicting anyway, right?
For example - trading. By any signal indicator (asctrend, silvertrend, braintrend, 2 ema crossing etc) - we are openning the order on the next bar based on something which was happened in past for example.
And overbough/oversold? This is prediction. Not by values but ... at least by direction.
Well. Some people call it techinical Analysis (which we all are doing before openning any order in Metatrader).
But it is the prediction.

When I decide to open sell order based on some indicators which are showing me the picture of something about "which was happened 1 bar ago, or 10 bars ago" so it is forecasting.

The problem is the following:
we do not have any reliable predictable tool other than technical analysis.
 

Dua Yong Rew
5424
Dua Yong Rew 2012.12.27 15:41  
I use statistic on H1 bars to check the relations of current bar to the previous bar. Have yet to develop an EA on that. This topic shall revive that project.
Usharani Kommoju
137
Usharani Kommoju 2012.12.27 17:42  

That is the power of analysis. We may not guess nex candle stick. But to be a successful trader, one should have skill to predict the trend of concurned currency pair.

Sergey Golubev
Moderator
93675
Sergey Golubev 2012.12.27 18:01  

Just about prediction (technical analysis).
As an example.

This is USDCHF, H4 timeframe (Metatrader 5). 

 

- primary trend?
bearish
- secondary trend?
correction
- what will be happened in the near future?
flat, breakout, or bearish will be continuing.
- when we can expect breakout?
when the price will break 0.9142 resistance line and Chinlou Span line (white color) will cross the price on closed bar.
- it will be breakout as secondary trend?
yes, it will be bearish anyway
:)

So, technical analysis is the forecasting.
  

 

q.import
206
q.import 2012.12.27 18:33  
newdigital:

Just about prediction (technical analysis).
As an example.

This is USDCHF, H4 timeframe (Metatrader 5). 

 

- primary trend?
bearish
- secondary trend?
correction
- what will be happened in the near future?
flat, breakout, or bearish will be continuing.
- when we can expect breakout?
when the price will break 0.9142 resistance line and Chinlou Span line (white color) will cross the price on closed bar.
- it will be breakout as secondary trend?
yes, it will be bearish anyway
:)

So, technical analysis is the forecasting.
  

 

Its Bullish..
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