The purpose of Breakout_PANCA_EAGLE indicator This is a breakout indicator, which is used on a daily basis to capture the price breaks out of forex supply and demand zones indicator of interest predefined breakout zones. This is a no trading zone.
Traders have to wait till the red box ends. How to draw supply and demand zones in forex to Low price range in between the hours that were picked as the breakout range. Filtering breakout directions with Breakot_PANCA_EAGLE PANCA_EAGLE can be used in combination with other indicators mainly for filtering the direction of the breakout. Among such trend indicators is BBands_Stop_v1. 4, which is used for identifying trends. The rule of using BBands_Stop with PANCA_EAGLE suggested that traders look to take breakouts with PANCA_EAGLE signals only if the direction of the breakout agrees with the trend direction shown by the BBands_Stop indicator.
There are many other trend indicators that can be used instead of the BBands_Stop, even a simple Parabolic SAR indicator. I adjust per different trading pairs? It’s up to you, what hours to put for those variables. Living in different time zones traders would need to make an own red box range. I found this indicator really helpful in daily trade on H4 TF or lower. But on the higher TF this only show the red vertical line.
BTW thanks a lot for sharing indicators for us. Is there a rule of thumb for targets: stop loss, exit for profit, etc. Will the indicator do something that means it is time to exit? Thanks again for all YOUR work. But please could you please give the possible setting for 4h time frame for the London session in order for me to be sure that i’m the right way in GMT? Hi, Please explain during sell , the example on the above only buy?
I have downloaded the indicator but during current trade, I could not see the box but instead the whole right hand column is filled with blue. Supply and Demand zones are a excellent way of determining reversals in the market far before they reach. For example, the zones will be indicated even if the market is far apart from it. If the market reaches those zones, there is a high probability that the market will stall and reverse which will in turn make you profits. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.