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Market Condition Evaluation based on standard indicators in Metatrader 5 - page 11

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Besides, please note that we are talking about breakout/breakdown on M1 timeframe so it will not be profit level as 100 pips for example (4 digit pips). It will be less - I am about where to exit :) Of course, if we use breakout on M5 timeframe so we will have less false signals (false breakout).
For the people who do not like Maksigen indicator - we can estimate breakout/breakdown using standard Ichinoku indicator in MT5. Breakout/breakout in case of Ichimoku is the following: Chinkou Span line of Ichimoku indicator with default settings is crossing the price on close bar. You can attach ichinoku to GBPUSD M30 and see it in action right now.
Documentation on MQL5: Standard Constants, Enumerations and Structures / Indicator Constants / Indicators Lines
Documentation on MQL5: Standard Constants, Enumerations and Structures / Indicator Constants / Indicators Lines
  • www.mql5.com
Standard Constants, Enumerations and Structures / Indicator Constants / Indicators Lines - Documentation on MQL5

Update:

  • GBPUSD: sell stop level at 1.5800
  • USDCHF: no changes so far 

Market condition update.

  • GBPUSD: M30 - rally; H1 - ranging; H4 - ranging; D1 - rally. M1 timeframe - breakout is going on, next breakout level is 1.5827
  • USDCHF: M30 - correction; H1 - flat; H4 - rally; D1 - bearish. M1 timeframe - no levels for now. 

What is more stable combination of primary trend/secondary trend for traders to open the orders? Bullish with rally and bearish with correction.

How to estimate primary trend without switching to higher timeframe? Use Ichimoku indicator: if price is above the cloud - bullish as a primary; if below the cloud - bearish. 

Next question. There is some line on the chart which can divide the chart onto buy place/space (bullish as a primary) and sell place (bearish as a primary)? Just one line: if price is above this line so it is bullish, if below - bearish? Yes, it is Senkou Span B line of Ichimoku indicator (one of the border of the cloud).

Documentation on MQL5: Standard Constants, Enumerations and Structures / Indicator Constants / Indicators Lines
Documentation on MQL5: Standard Constants, Enumerations and Structures / Indicator Constants / Indicators Lines
  • www.mql5.com
Standard Constants, Enumerations and Structures / Indicator Constants / Indicators Lines - Documentation on MQL5

Update:

  • GBPUSD: sell stop level at 1.5807; buy stop at 1.5832
  • USDCHF: no levels

Update:

  • GBPUSD: sell stop level at 1.5809; buy stop at 1.5830
  • USDCHF: sell stop - no level; buy stop at 0.9114
newdigital:

Update:

  • GBPUSD: sell stop level at 1.5809; buy stop at 1.5830
  • USDCHF: sell stop - no level; buy stop at 0.9114

Update:

  • Breakout for USDCHF. We do not see breakdown for EURUSD on close bar (at least - not yet). Nearest resistance line (which can stop USDCHF price to go up) is 0.9119 (this may be next buy stop order)
  • Breakdown for GBPUSD. Nearest resistance line (which can stop GBPUSD price to go down) is 1.5794. 
newdigital:

Update:

  • Breakout for USDCHF. We do not see breakdown for EURUSD on close bar (at least - not yet). Nearest resistance line (which can stop USDCHF price to go up) is 0.9119 (this may be next buy stop order)
  • Breakdown for GBPUSD. Nearest resistance line (which can stop GBPUSD price to go down) is 1.5794. 

Breakout for EURUSd may be started for now. If it will be happened so it will be really funny: USDCJF and EURUSD will be moved to one direction as a the sisters :)
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