Market Condition Evaluation based on standard indicators in Metatrader 5 - page 22
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Bar was closed for USDCHF but we did not see breakdown so it was false signal. But Chinkou Span line is very near to the price so it may be anything with USDCHF and EURUSD for today.
It is what I am talking about - Chinkou Span line is going together with price and ready to go anywhere:
And the situation was changed right now - Chinkou Span line crossed the price but on open bar only. So, we need to wait at least 1 hour for this bar to be closed just to be sure about the direction of this pair.
The situation is changed for every minutes especially for USDCHF. And I am lucky that I opened buy for USDCHF this morning for example:
And very similar situation is for USDCAD for now - we can see Chinkou Span line is going together with the price for the long time. And as we know - there are high impected news events today for USDCAD - CPI core and Retail Sales
Just market condition for some of the pairs for Monday morning.
EURUSD
M30 - non-trading for this timeframe under primary bearish
H1 - bkreakout on open bar - seems - bear market rally. It is interesting to see the first close bar on Monday. Anyway - the resistance line is the broder of the cloud (because it is bearish anyway).
H4 - bear market rally (as secondary trend) was started on oen bar. Seems, we will really have breakout on lower timeframe on early Monday.
D1 - correction under primary bullish. The situation is not simplae one - the price is already touched the border of the cloud on the open bar. So, if we have breakout on lower timeframe so it will be ranging market condition in anyway. Conclusion - it is very risly to trade this pair on early Monday.
USDCHF
M30 - flat on open bar under bearish
H1 - flat on open bar under ranging
H4 - correction on open bar under bullish
D1 - flat on open bar under bullish on open bar. Chinkou Span line is near the price on historical data so it may be be breakout or breakdown ... seems - ranging as well.
I am not uploading the images but just some comments about the other pairs:
Just some update for USDCHF
M30 - breakdown started this morning
H1 - bearish on open bar. If the price will cross the last border of ichimoku cloud on close bar so we may have bearish for this pair for H1 timeframe as primary trend.
H4 - correction as secondary trend under primary bullish
D1 - correctional range