Quote:
Originally Posted by newdigital
...You can open the chart with Ichimoku indicator (D1 and W1 timeframes) and if price is inside Ichimoku cloud so it is better not to trade this pair this week.
Few weeks ago it was for GBPUSD. Now - for EURUSD.
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It is the examples with EURUSD H4 timeframe (AbsoluteStrength indicator is on not trading condition - not buy and not sell):
EURUSD_h4_1505.jpg
EURUSD D1 timeframe (price is inside Ichimoku cloud - Ichimoku indicator, default settings, D1 timeframe):
EURUSD_d1_1505.jpg
and GBPUSD D1 timeframe (AbsoluteStrength indicator is on not trading condition - not buy and not sell):
GBPUSD_d1_1505.jpg
AbsoluteStrength indicator and all the talking about how to estimate market condition using this indicator: read this thread
Nonlagging Tools (it is somewhere in the middle or in the end of the thread with images and description).
I am sorry - I do not want to complicate this subject but everybody knows that I am always using some other systems or indicators for technical analysis or to estimate the market condition. Because if you do not have time so it is always important to know in the beginning of the week: will you trade this pair this week or not.
So, I am suggesting to use technical analysis as well because it will save time a lot and it is necessary sometimes for signals system.
PS. What is "signal system"? It is when you see some dot or arrow on the chart and you must open the order only because you see this dot or arrow on the chart fully relying on indicators. So, it is necessary to use other technical analysis every day when using any signal system (if we do not want to rely on the dots so much).