EURUSD Technical Chart H4 – 27 Nov 2010

EURUSD ChartLet's analyze the technical chart of EURUSD as on 27 Nov 2010 using Doda-Donchian indicator. I've used Doda-Donchian ver 2.0 here. I'm still coding it for further improvements. Once finalized, I'll share the MetaTrader MQL indicator with you here. Just keep in touch and subscribe to newsletter.

 

EURUSD H4 Technical chart

Without going into analyzing number of lines, retracements, support and resistance, this indicator gives buy and sell signals from a single line. If the prices CLOSES below the red line, take short position, and if the price CLOSES above the red line, take long position.

I'm emphazing on CLOSING of the price and not just movement of price above or below the red line.

Secondly, this indicator gives best results on longer time frame like H4. Those who think they can make money only in M15 or M30 timeframe, just open your mind and see the above chart.



Doda-Donchian indicator gave Sell signal on 23-Nov-2010 @1.35853 and it started its downward journey from there, giving a profit of 345 pips in a matter of 4 days. Not bad at all. ๐Ÿ™‚

Got any doubts, just mention in comments section below & please give your feedback also. Thanks






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3 thoughts on “EURUSD Technical Chart H4 – 27 Nov 2010”

  1. I have been experimenting with this indicator.
    If you plot it again with a smaller value, I use 8, and only enter long when the 8 channel is above the 28 and conversly when the 8 channel is below the 28 go short it seems to eliminate some of the noise.
    More work is needed to evaluate this idea. Just thought I would mention it.

  2. Hi
    As much as I like this indicator it would be nice to have some kind of notification send to mail or mobile that the trade opportunity come up as indicated by indicator.
    I also noticed that the number of pips gain or lost is in some way different to those I have display on my station. Not sure if this is because of 4 o5 even 6 digits. Also if I like to jump on the trend and adjust entry with trailing stop, its currently impossible as the lines just jump bac to the original starting position of trade taken.

    Otherwise its a very nice indicator ๐Ÿ™‚

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