Market Condition Evaluation based on standard indicators in Metatrader 5 - page 7
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This is possible settings #1 for this EA for EURUSD M5 timeframe. Settings (set file) with backtesting results are attached).
So, just to summarize few pages on this topic onto 1 comment:
1. Trend following
1.1. Primary trend
- Uptrend (bullish)
- Downtrend (bearish)
1.2. Secondary trend.
- Correction
- Bear Market Rally
2. Overbough/oversold ('top-and-bottom')
3. Breakout
There are some more: flat (or non-trading market condition), and ranging market condition. Some people say that flat and ranging are part of secondary trend together with correction and bear market rally; the other people are talking about flat and ranging as separated market condition which can be under item #4 (flat) and item #5 (ranging). I think, the true may be the following: flat and ranging are the part of secondary trend under trend following. If yes so the resultant classification may be the following:
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
On the next few posts - I will provide some practical examples about how to estimate (and to predict) market condtion using Ichimoku indicator and some other indicators as well.
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
It is very interesting situation going on for USDJPY for now:
For H4 timeframe. As we see - the price broke the borders of the cloud for bullish. For now - the price is trying to break 89.68 resistance line on close bar, and Chinkou Span line is trying to break the price on close bar too. If it will be done so we will have good uptrend breakout for USDJPY on H4 timeframe.
D1 timeframe - bullish as a primary trend and correction as secondary trend:
M1 timeframe. Price is trying to break 89.84 resistance line (possible buy stop order) for breakout. M5 timeframe for 72/144/288 Ichimoku - bullish started from today GMT morning. I just hope that it will be really interesting situation for USDJPY in the near future.
So, it was started (breakout). Slowly but started:
On the next few posts yesterday I will try to explain about how to estimate the market condition using AbsoluteStrength indicator and some other indicators incl standard indicators in MT5. By the way, this AbsoluteStrength indicator will be uploaded to MT5 Cadebase by author as a completely new version (see 3rd separated window on my images here with this indicator for example).
So, it was started (breakout). Slowly but started:
On the next few posts yesterday I will try to explain about how to estimate the market condition using AbsoluteStrength indicator and some other indicators incl standard indicators in MT5. By the way, this AbsoluteStrength indicator will be uploaded to MT5 Cadebase by author as a completely new version (see 3rd separated window on my images here with this indicator for example).
Yes!!! It was breakout! +73 pips (4 difgit pips).
1. Trend following
1.1. Primary trend
- Uptrend (bullish)
- Downtrend (bearish)
So, here we go :)
Bullish
To be more specific for example:
newdigital:
1. Trend following
1.1. Primary trend
- Uptrend (bullish)
- Downtrend (bearish)
Bearish
To be more specific for example:
More to follow ...