Market Condition Evaluation based on standard indicators in Metatrader 5 - page 4
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Some new MT5 indicators (to check market condition - see the post with title "lyrical depression") and new version of Maksigen indicator (see post above "lyrical depression" post) will be available soon here or in CodeBase.
So, I hope that everything will be going on here.
Just some explanation about breakout and Maksigen indicator.
price crossed blue line (it is high #2 - last resistance line).
We can open buy trade:
This is some kind of price pattern. I do not remember the name of it but I call it criss-cross. if the price will break of the the line of this criss-cross so the local trend will be continuing on this way. On my image - the pruice broker the line from above. Local downtrend:
Seems - yes, I am right.
Not. Real breakout:
So, it was about 16 pips in profit (4 digit pips) - check the image - it is 16 pips in profit.
To make it shorter.
I wanted to say that breakout is not going on the way as we want.
And it may be false breakout too.
So, it is necessary to look at all support and resistance lines to udnerstrand: where the price will go to for the next time.
That's all news.
Just an image illustrated it all:
Some more. About support/resistance/trendlines and price action "reading".
Where price will go to?
Right: 12 pips in profit. We can see here:
So, this knowledge got me 12 pips for now.
And if we will understand s/r/t lines and price action so we can be in profit. Because this is the case when knowledge = profit.
Just some more explanation about Maksigen indicator.
Those levels are possible buy stop and sell stop orders:
Just want to say about some good feature in Metatrader 5: moving stop loss/take profit by mouse on the chart.
I really like it.
How to do it?
read this article MetaTrader 5 - More Than You Can Imagine! or watch this video:
Because some people on this thread Why some great coders and trading system developers are ignoring Metatrader 5?
told me that this feature (moving stop loss/take profit by mouse on the chart) good for scalping only. That is totally wrong: this feature is good for any kinds of trading: if we see stop loss/take profit lines on the chart so we can easy move them by mouse. This feature does not exist in MT4.
Just found good article.
It may be good for the people who understand something in mql4 but nothing about mql5
Moving from MQL4 to MQL5