Market Condition Evaluation based on standard indicators in Metatrader 5
This is the first setup we cam discusss about.
I call it 3 Stoch MaFibo
M5 timeframe.
Why do we need it?
because using this setup - we can know the market condition and possible future direction of the trend movement using just this M5 timeframe only.
EURUSD for example:
This is USDCHF:
Please find attached the template with white background (for technical analysis etc) and template with black background (for trading).
How to use template?
Place template file to template folder (to C:\Program Files\MetaTrader 5\Profiles\Templates for example), after that - open chart (M5 in our example), right mouse click on any place of the chart and select Templates - [your/our template] (3stoch_black or 3stoch_white in our example - those 2 files are attached to this post).
Next setup.
For M1 and M5 timeframe.
I call it PriceChannel ColorPar Ichi
AUDUSD:
GBPUSD:
USDJPY:
I will upload later more setups for discussion, trading examples and market forecasting/evaluation using those setups.
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Some people may ask:
"It seems indicators are good but what is it all about?" :)
well ...
Just imagine that you are the price. And you woke up in the taxi.
First question you should ask: "what's happened yesterday? Who dropped me to this vehicle?"
Second question: "were we are now? street, city ..."
3rd question: "where are we going to?"
You can ask for yourself only :) because driver is deep drunk ...
So, this all is about Market Condition Evaluation and Forecasting of the Price Movement
More to follow.
The next setups may be Ichimoku for example. I used Ichimoku indicator for forecasting for the long time so it may be good to discuss on this thread.
Yes, I like Ichimoku and used it for the long time.
But there is some insinuation with it: there are such as "ichimoku community" and "moving averages community". So, they are in some scientific conflict about. Because moving averages are providing almost same with ichimoku possibility for forecasting if shifted (shift) especially if 3 MA indicators (well-known method of forecasting).
New setup is coming - support/resistance/trend lines indicators for MT5 (converted by Igorad from Job project).
I will make the entry to CodeBase.
This is great indicator for market condition and for trading too.
Just for information.
3 Stoch MaFibo, M1 timeframe.
We may trade this template:
And some explanation about the lines/indicators:
And some more:
So, those images can tell all about how to trade/use this setup.
How to load it in MT5?
See template attached on this post https://www.mql5.com/en/forum/9773#comment_396614
How to use template file?
Place template file to template folder (to C:\Program Files\MetaTrader 5\Profiles\Templates for example), after that - open chart (M5 in our example), right mouse click on any place of the chart and select Templates - [your/our template] (3stoch_black or 3stoch_white in our example).
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I just started this thread as a continuation of the talking made on this topic (we can read it).
Or ...to make it shorter: it was some discussion about forecasting/predicting of the next candle or direction of the movement or market condition evaluation.
And it was around standard indiocators in Metatrader 5 for example.
As a results - some good setups were made which are related to this story and I decided to open separated thread about this kind of technical analysis and evaluation.
It may be interesting for the people who are using lower timeframes (M1 to H1) to trade and, I hope - this thread will help them to predict/forecast some market condition and to catch |big movement" for example.
Sorry for complicated explanation. :)
Anyway - Happy New Year!