Market Condition Evaluation based on standard indicators in Metatrader 5 - page 10

Sergey Golubev  

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  

Sergey Golubev  

USDCHF

H4 - Bear Market Rally

 

D1 - bearish

 

H1 - ranging or flat

 

M1 - it may be interesting to watch this pair for possible sell trade (breakdown) 

 

Sergey Golubev  

GBPUSD

H4 - correction

 

D1 - Bear Market Rally

 

H1 - bearish started on open bar

 

M1 - possible breakdown soon

 

Sergey Golubev  

I am not evaluating USDJPY and cross pairs because no time for that now (I came to this thread too later sorry).

So, basicly we can consider the following pairs/directions for the near future:

  • USDCHF - watch for possible breakout (i am thinking about sell breakdown but it may be breakout too for example)
  • GBPUSD - same: watch for possible sell breakdown 
The situation with those pairs are not stable one concerning market condition and the direction so it may be risky to open the trade for today. Anyway, I will watch M1 charts with Maksigen indicator for possible trades.
Sergey Golubev  

Because in case of GBPUSD:

  1. Breakdown is just started on H1 timeframe but on open bar only sorry (we need to wait until H1 bar will be closed to be sure about it).
  2. H4 - correction but correction is secondary trend - means: it can be changed any time
  3. On D1 - bear market rally (secondary trend too).

So, the situation is not stable for GBPUSD. Same for USDCHF. 

Sergey Golubev  
By the way, the level for possible sell stop order (pending order) for USDCHF is 0.9108; and for GBPUSD is 1.5776 for sell stop order and 1.5791 for buy stop order. 
Sergey Golubev  
Some advice (for breakout/breakdown trading): please operate by pending orders only (sell stop or/and buy stop for example). If we open the trade using market price (instant execution) so we are ubnder the risk for false breakout (or false signal).
Documentation on MQL5: Standard Constants, Enumerations and Structures / Environment State / Symbol Properties
Documentation on MQL5: Standard Constants, Enumerations and Structures / Environment State / Symbol Properties
  • www.mql5.com
Standard Constants, Enumerations and Structures / Environment State / Symbol Properties - Documentation on MQL5
Sergey Golubev  
newdigital:
By the way, the level for possible sell stop order (pending order) for USDCHF is 0.9108; and for GBPUSD is 1.5776 for sell stop order and 1.5791 for buy stop order.  

Update: 

  • GBPUSD: sell stop at 1.5784; buy stop is near/around 1.5798
  • USDCHF: buy stop at 0.9118 

Reason: