Market Condition Evaluation based on standard indicators in Metatrader 5 - page 12

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Update: breakout for EURUSD is started but for USDCHF is finishing. Because ... if we are talking about "relationship" between EURUSD and USDCHF so one pair is always leading the other pair. It means: one pair is started the movement as the first one, and the other pair is lagging (starting in opposite movement later). That is why we always should watch the other major pairs even if we are trading just one pair only.

By the way, USDCHF is leading pair in most of the cases in EURUSD/USDCHF relationship. 

 

Update:

  • GBPUSD: breakout at 1.5819 level. May be - false breakout. Because it is M1 timeframe. Of course, if we use M5 timeframe (M5 and M15 are original timeframes for Maksigen indicator) so it will be less false signals. 

 
newdigital:

Update:

  • GBPUSD: breakout at 1.5819 level. May be - false breakout. Because it is M1 timeframe. Of course, if we use M5 timeframe (M5 and M15 are original timeframes for Maksigen indicator) so it will be less false signals. 

Why false breakout? Look at the image (this is Merrill's patterns for downtrend):

 

and look at GBPUSD M1 chart for now:

 

So, the pattern on GBPUSD chart is same as M3 Merrill, right? And the evolution of this M3 pattern was on the following way: M8 - M4 - M3. That is why it was false breakout.

 

 
newdigital:

Why false breakout? Look at the image (this is Merrill's patterns for downtrend):

 

and look at GBPUSD M1 chart for now:

 

So, the pattern on GBPUSD chart is same as M3 Merrill, right? And the evolution of this M3 pattern was on the following way: M8 - M4 - M3. That is why it was false breakout.

 

Merrill's patterns for uptrend:

 

 

and it looks like W10 with evolution as W4 - W5 - W10:

 

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Merrill patterns - the article


Contents
 

Breakdown for GBPUSD is going on since this GMT morning.

By the way, I will not post the levels for breakout/breakdown for today because there is NFP today (high impacted forex news event) at 13:30 GMT time so today is not good day to post the levels sorry. 

 
The the way - it was good trades for GBPUSD yesterday - read here.
 
newdigital:

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).

 

It may be good to see Ichimoku indicator for MT5 which can draw Senkou Span B line separatedly on the way as it is in MT4 ... just an idea. If it will be done so I will explain about the other simple trading system here (which can be easy to use in trading).
 
newdigital:

Just want to remind about what I am doing on this thread:

I am testing Maksigen indicator within this thread (starting from page #7 here Market Condition Evaluation based on standard indicators in Metatrader 5 ) by the following way: I am evaluating market condition using Absolute Strengh indicator on H4/D1 timeframe to select the pairs to trade and direction to open the trades for those pairs for the current day, and trading those pairs using MaksiGen_Range_Move MTF indicator on M1 timeframe.

And just to remind:

1. Trend following

1.1. Primary trend
- Uptrend (bullish)
- Downtrend (bearish)

1.2. Secondary trend.
- Correction
- Bear Market Rally
- Flat (non-trading)
- Ranging 

2. Overbough/oversold ('top-and-bottom')

3. Breakout   


As far as I know - Igorad is starting to create indicator which can evaluate all market condition described above using one chart for that. I think - he may upload it here if ready. Just for information.

 
Breakout (breakdown) is going on right now for EURUSD for now on H1 timeframe (and for M1 of course). But nearest resistance line (value) which can stop the price to go down is 1.3595 (one of the border of Ichimoku cloud). And it is 1.3606 so ... if price will be stopped by this resistance line - we will have just few pips in profit ... if the price will break this line - we will have ranging market condition.
 

So, I took this few pips :)

 

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