Missed this beautiful trade yesterday...
(binned per thread starter's request) Easy pullback strategy
Hi. This looks interesting, thanks for sharing.
Trying this strategy on demo (4 hr charts) with a few of my own rules:
1. I'm still following the rules of ensuring price is below/under the EMA on the three time-frames.
But:
2. I'm waiting for the stochastic to enter the overbought/oversold area.
I've attached a copy of an entry I made on GU. Trend is down and the price has entered overbought territory. It has also been rejected from a support of around 1.267, and the candle had a large upper wick. So, I took this as a sign that a reversal may be imminent?
Placed the sell order. S/L @ 1.271, T/P @ 1.248. Just over 1:3 RR.
I always prefer looking at previous supports/resistances when deciding on orders.
Trying this strategy on demo (4 hr charts) with a few of my own rules:
1. I'm still following the rules of ensuring price is below/under the EMA on the three time-frames.
But:
2. I'm waiting for the stochastic to enter the overbought/oversold area.
The price has to have bounced from a support/resistance level.
The candle has to close with a sign to say price may reverse.
I've attached a copy of an entry I made on GU. Trend is down and the price has entered overbought territory. It has also been rejected from a support of around 1.267, and the candle had a large upper wick. So, I took this as a sign that a reversal may be imminent?
Placed the sell order. S/L @ 1.271, T/P @ 1.248. Just over 1:3 RR.
I always prefer looking at previous supports/resistances when deciding on orders.
