The Trend Forecaster v1.0 has been released!

Detailed manual added:

Read here: https://www.mql5.com/en/blogs/post/754607

Manual Update: https://www.mql5.com/en/blogs/post/754607

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🍀 Good Luck & Big Profits

Hello friends. Disney continues to delight us.

A good position in Sell for Walt Disney Co CFD. There were premises for an earlier closing of the position, but on the local chart we see a downward trend (each local high and low is lower than the previous one).

Also, the Trend Forecaster Dashboard continues to confirm this movement, showing us Sell on all significant time frames.

I remind you that it is very important to monitor strong levels from high time frames (from H4 and higher) to more clearly see our potential targets.

For example, as we can see on the chart above, a good and strong support level is 79.21, or a slightly higher level around 79.50.

It is also important to note that before the price reached this level, the local high was higher than the previous local high, which I have marked on the chart. This led to a false breakout and further downward movement of the price. But further on the way of the price is a strong level. And here it is better to close the position, as it is still unclear whether there will be a breakout of the level downward. This will already be seen by whether the price will be fixed above the previous high or not. And if the price turns back to Sell, then how the price will behave near the strong level. In general, this is already a completely different story, and within the context of our work with the Trend Forecaster indicator and TFC Dashboard, it will be much calmer to just wait for new signals to entry.

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AUDUSD BUY

Favorable situation for AUDUSD Buy. Higher time frames (except Daily) support our Buy signal:

We look at the potential of our open position on the Daily time frame. The nearest interesting level is 0.65215:

Perhaps we would like to earn greater profits from this trade, but we are observing a diminishing trend, as each successive high is slightly lower than the last. In light of this, a target of 0.65215 appears very promising.

The price was just a little short of the power to reach the same-day target:

And as a result, the price reached the profit level already on Monday, November 6, confirming a perfect strong level.

Don't forget to check the indicator manual page, where I publish various examples and tips for working with the indicator. The information is updated, stay tuned!

Read mode: https://www.mql5.com/en/blogs/post/754607

Trend Forecaster Dashboard HTF-Mode

Don't forget to use the most popular Trend Forecaster (TFC) Dashboard mode, which I call HTF-Mode. All the examples above are done in this mode.

To activate it, simply remove all financial assets from the Symbol List variable, after that the Trend Forecaster Dashboard indicator will start in HTF-Mode, displaying data from higher time frames for the current financial asset.

For example, we have an AUDJPY chart with the Trend Forecaster indicator already installed:

Install TFC Dashboard on chart and remove the list of financial instruments from the Symbols List variable line:

After that TFC Dashboard will start in HTF-Mode:

AUDUSD SELL

This is a promising signal. The daily chart supports our sell position. Nevertheless, we need to be cautious. We are checking targets on the daily chart, but there could be a false breakout. Pay close attention to the price behavior near the key level.

We anticipate the price to reach approximately 0.6381

Remember that prices do not always match up to the exact pip, so allow for at least a spread plus an additional 1-2 pips when setting your profit target.

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And by the way, AUDCAD has reached the target:

By the way, I noticed some non-critical but unnecessary nuance in the trading flow. I’m currently working on a new version of the indicator, which will soon be available for download.

In general, I will not post here too often, so as not to clutter the thread. I will post all interesting comments and examples next to the indicator's instructions. Right here:

https://www.mql5.com/en/blogs/post/754607

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XAGUSD (SILVER) SELL

Let’s consider another example: here is a rather risky signal on XAGUSD (Silver):

The issue with this signal is that significant time frames, such as H4 (4-hour) and Daily, do not support selling according to the TFC Dashboard. Our sell is supported by the H1 time frame. However, the Daily chart indicates a global downtrend:

We’ve taken a profit on the level:

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Here is an example of a very clear signal on EURAUD M5:

As we can see, the currency pair EURAUD according to Trend Forecaster statistics shows great results. The potential at the opening of this Buy was very positive.

On the daily chart, we also clearly see a near-term good target for this Buy:

https://www.mql5.com/en/blogs/post/754607

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So, if 2 or more of these time frames are green (showing an uptrend), then the color of the TFC Dashboard header will be green. If 2 or more important time frames show a downtrend, the header color will be red, symbolizing a downtrend.

The H1, H4, and Daily time frames show a downtrend, which makes the TFC Dashboard header color red:

In the next example, only the H1 and Daily time frames show a downtrend, which still colors the panel header red (downtrend) due to the cumulative superiority of downtrends:

Read more here: https://www.mql5.com/en/blogs/post/754607

How important news affects trading

A good example today is a buy signal on EURUSD:

As we can see, higher time frames support buying (H1, H4 in Buy) – the color of the Trend Forecaster Dashboard panel is green.

Let's look at the targets on the Daily time frame:

On the path of our trade, there are 2 good target levels:

1 – 1.07564

2 – 1.08334

And also on the way – important news regarding USD:

Target #1 is more than expected. A good option here would be to take half of the profit at level #1, move the stop-loss to break even, and wait for level #2 to be reached. However, since we have important news on the horizon, we quickly exit the market. In our case, we set our target at level #1:

In general, such trading can be considered quite risky, as it is generally undesirable to be in the market before the release of important news. But if you are already in the market, either move the position to break even or at the very least, closely monitor price behavior.

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An interesting example for buying on Gold (XAUUSD)

All time frames on the TFC Dashboard confirm buy signal:

We switch to the Daily time frame and see that the nearest strong resistance level is at 2004.05:

We also place a stop order below the low of the daily candle to protect our buy trade.

Meanwhile, during the trading process, the price made us a bit nervous by pulling back below our entry level:

However, since signals from all time frames on the TFC Dashboard continued to confirm buying opportunities, the best choice in such a situation would be to wait and observe the price behavior.

And it turned out that way in the end. A little later, the price reached our target level:

We take our profit and wait for new signals.

Read more here: https://www.mql5.com/en/blogs/post/754607

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AUDCAD and AUDUSD – Very Similar Signals

Look at how similar the signals can be.

Here’s AUDCAD:

And here’s AUDUSD:

In both cases, both H4 and Daily time frames supported the upward movement.

We switch to the Daily time frame and identify the nearest strong (key) levels for both currency pairs:

In the end, both pairs reach the targets:

EURCAD Sell Signal

What is interesting about this signal is that all time frames except the Daily show clear Sells:

But it is worth keeping in mind that, as a rule, if the global trend on the Daily time frame is against our local trend, we should consider taking the nearest strong level as our profit target. So, let’s switch to the Daily time frame to evaluate where we could set our take profit:

We observe two nearby strong support levels at 1.46145 and 1.45820.

In general, if we are not trading on a medium-term basis, it is advisable not to leave positions open over the weekend, as there is always a risk of encountering a market gap or other surprises during the opening. Therefore, a prudent decision on Friday would be to take profit at the nearest level of 1.46145, although the probability of the price reaching 1.45820 is also quite high – given that the level is very strong.

The Daily time frame does not support us. Perhaps this is the beginning of a future reversal, and the Daily just did not have time to react. However, it doesn’t matter for us today, as our target is 1.46145:

The level has been reached, and the price has also touched the next level at 1.45820, which is below our target level. It appears that the price is experiencing a false breakout.

But despite all this, our target is reached and the profit is taken:

Read more here: https://www.mql5.com/en/blogs/post/754607

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