Screening For Setups
A large number of Forex markets, Indexes, USA and UK Equities along with Gold, Silver, Platinum, Copper and Oil are screened for a setup and then the most promising charts selected for a potential intraday entry.
The charts show the open, high, low and close bars for the last 30 days along with the Open, High, Low and Close Forecast Distribution for the next trading day.
This should be confirmed by recent news flow and a supporting intraday chart setup.
Example of a signal setup chart:
The charts show the H:L:C bars for the last 30 days.
There are two tracker lines (green: bullish, red: bearish) that help to identify the trend, retracements, breakouts and trend change.
Open (yellow), High (green), Low (red) and Close (blue) Forecast Distributions for the next trading day are shown on the right hand side of the chart. The distributions show the range in which the next Open, High, Low and Close are expected to be.
Intraday Entry from a daily Signal Setups Chart:
For intraday entry, an intraday chart must be examined.
It is recommended to look at an intraday chart on a one hour time frame to establish a good risk reward entry point, stop loss and target in a market.
Trading View is an excellent site for intraday charts and information.
Breaking News and Fundamental Analysis:
It is important to be aware to breaking news and any fundamental analysis that may effect the markets. Breaking news may also be followed with a sudden reversal in trend.
Forex Factory is an excellent site that has an economic calendar and news.
Last algorithm update:
20 April 2021
For Forex, Gold and Silver an intra price line (light blue) has been added to help identify if the price is close to support (red dots) or resistance (green dots)
10 March 2021
Two tracker lines (green: bullish, red: bearish) that help to identify the trend, retracements, breakouts and trend change were introduced.
29 December 2020
In this update the Open, High, Low and Close Forecast Distributions were introduced replacing the previous intraday support and resistance levels. Improvements were also made to the intraday bias calculations.
The above information is the output of algorithms on prices alone. It is not to be taken as investment or trading advice and must be viewed together with fundamental analysis, breaking news and a confirming intraday chart. Past performance is not indicative of future results.
Every effort has been taken to present the correct information, however, neither Price Dynamics Ltd nor its staff are liable to any error that may occur