the check the stochastic lines to see if it has gone above the 80 line and now is turning and pointing down.
ensure the market is in a downtrend by checking to to see if price is travelling below the 200 exponential moving average indicator.
For take profit, aim for a risk:reward of 1:3 or if there is a previous swing high point, use that as your take profit target level.
Stop loss would be based on the timeframe you trade so if you are using a daily or a 4hr or timeframe, stop loss should be placed at 10-40 pips.
once the above two conditions are satisfied, immediately initiate a market a buy market order at the close of the candlestick.
the check the stochastic lines to see if it has gone below the 20 line and now is turning and pointing up.
ensure the market is in an uptrend by checking to to see if price is travelling above the 200 exponential moving average indicator.
Here’s how the buying rules work: you buy only when the trend is up which is shown when price is moving above the 200 ema line and the stochastic lines have gone down past the 20 line and are starting to point up at the close of the candlestick. The settings of the stochastic indicator are the default settings if you are using the MT4 trading platform Buy Trading Rules Timeframes: Any, preferably 5 minutes and above.įorex Indicators: 200 ema and stochastic indicator.
Advantages Of The 200 Ema And Stochastic Indicator Forex Scalping System.
Disadvantages of the 200 EMA And Stochastic Indicator Forex Scalping Strategy.
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