Market Sentiment and Sideways level
Ideally, this is we hope:
- The good numbers on news should make the related currency become stronger,
- and the bad numbers on news should make the related currency become weaker.
But the fact is:
- The good numbers on news that has been written on the economic news calendar could not always instantly make the related currency become stronger.
- and vice versa, the bad numbers could not always instantly make the related currency become weaker.
Before placing new position:
- We need to know which actually strengthened or weakened between the related currency after the news released.
- The market reaction to an economic news or a central bank speech, is market sentiment.
What is Market Sentiment indicator
- This indicator is designed to see opportunities in economic news events, or during a central bank speech.
- Market Sentiment indicator is monitoring the movement of currency index strength between USD and Euro at the event.
- Regardless of the numbers in economic news, Market Sentiment has conclusion which actually strengthened or weakened between USD and Euro.
- Market Sentiment is a technical indicator that contains the results of the fundamentals.
- Market Sentiment has 5 reflections of market action in time frame: H1, H4, Daily and Weekly:
- USD strengthened, and Euro weakened
- USD weakened, and Euro strengthened
- USD and Euro in sideways (mixed)
- USD and Euro are both strengthening
- USD and Euro are both weakening.
How to use Market Sentiment
- Look at the website that providing a real time Economic News Calendar,
- Change the time setting to match your location.
- Wait for news that have a Moderate or High Volatility as market expected.
- At the time news announced, wait for 15 minutes for monitoring Market Sentiment.
- Usually, within 15 minutes then Market Sentiment has conclusion which is strongest and weakest between USD and Euro,
- or even range bound (sideways).
- Market Sentiment can also be used for scalping.
- Suffix Currency Pair - Leave it empty if your broker does not have suffix currency pair. e.g. EURUSD, USDCHF, and so on. If your broker has suffix like EURUSDm, EURUSDi, etc, then you should enter with m, i, and so on. Default is empty.
- Display Jump-Fall Daily-Weekly - true is for displaying "how far" price will jump or fall. Default is true.
- Display text-price - true is for displaying the price on jump/fall levels. Default is true.
- leftmargin - is margin left for displaying Market Sentiment. Default is 50.
- bottmargin - is margin bottom for displaying Market Sentiment. Default is 80.
-- requested by a valuable user.
-- : The chart should not be locked to a certain scale.
-- User can select objects in the chart.
1. User can use their own favorite chart style (bar chart, candlestick or line).
-- There is no default for bar chart (requested by user).
2. Increase performance in reading data for Market Sentiment
-- add option Font Size.
Update New Feature:
1. Automated Trendline for S/R,
2. New technique for early sign of breakout and breakdown.