Market Condition Evaluation based on standard indicators in Metatrader 5 - page 23

Sergey Golubev
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Sergey Golubev  

Just to finish with USDCHF - it is breakdown is going on for M1 timeframe for now:



Sergey Golubev
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Sergey Golubev  

Levels for GBPUSD for right now:

Just look at blue/red dotted lines - they are the levels:


Sergey Golubev
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Sergey Golubev  

Some people may ask: "how to reduce the risk in trading in case of false market condition evaluation?".

First of all - we should look at primary trebnd. In case of Ichimoku indicator - everything which is below Ichimoku cloud is bearish, above the cloud is bullish. Besides, if cloud is wide enough so the border between bearish and bullish (sell area and buy area) is Senkou Span B line. Just move the mouse on the chart with one of the border of Ichimoku cloud - and you will find this line.


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
Sergey Golubev
Moderator
114292
Sergey Golubev  

By the way, as I remember - I created some trading system for MT4 some time ago. This system is about Kijun Sen line is crossing Tenkan Sen line with the confirmation of Senkou Span B line for below or above. But it is the other story sorry (I do not want to upload screenshot from MT4 but just believe that it exists).

Because default Indicator in MT5 is slightly different from same Ichimoku in MT4 for example (there is some useless limitation for Ichimoku in MT5).


Sergey Golubev
Moderator
114292
Sergey Golubev  

Just updated market condition for some pairs.

EURUSD

M30 -this is fully ranging market condition: bearish did not stop yet but market rally was already started. Besides, price is inside Ichimoku cloud and it is indicating the ranging as well.


H1 - this is bearish. But market is inside Ichimoku cloud and it was rally started on open bar. Seems - ranging too.


H4 - this is flat


D1 -bearish was finished and rally is started but on open bar only sorry. And price is inside Ichimoku cloud for ranging. Ranging.


Sergey Golubev
Moderator
114292
Sergey Golubev  

USDCHF

M30 - this is correction but market is ranging so we can describe it by one word: ranging


H1 - ranging


H4 - flat


D1 - corrected started on open bar


Sergey Golubev
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114292
Sergey Golubev  
It is breakout/breakdown going on for at least 3 pairs: EURUSD, USDCHF and GBPUSD.

Sergey Golubev
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114292
Sergey Golubev  

I came too late to this celebration (big price movement) sorry :) But as I understand - it was high impacted news events at 09:30 GMT

By the way - we really need some indicator on the chart to avoid trading during some impacted news events.


Sergey Golubev
Moderator
114292
Sergey Golubev  

About 'what happened' - it was breakdown for EURUSD this GMT morning. We can see on EURUSD M30 chart:

and the price was in bearish condition for H1 ...



and bearish for H4:


This situation remind me 'Triple Screen Trading system' from "Trading for Living" by Alexander Elder


Sergey Golubev
Moderator
114292
Sergey Golubev  

It was interesting situation for USDCAD - breakdown for M30: