1. Identify Trend (Use Daily Time Frame) with EMA
a. Use EMA 5, 20,50,100 and 200 (on closed) on Daily Time Frame Chart
2. Entry Price (EP)
a. Buy on dip if EMA is uptrend, Sell on rally if EMA is downtrend. Wait for price retrace to around EMA-100 zone.
b. Or Use RSI-14 and level 30 for over sold, level 70 for over bought to enhance the entry.
c. Use H4 to locate Support and Resistance ad determine Over Bought or Over Sold use Stockchastic (5,3,3) level 20 and Level 80.
d. Use H1 to look for reversal candle pattern for entry
a. Use ATR - 5 days. Set TP at 70% of ATR and SL at half of ATR which will give the risk-reward ratio at 1:2.
b. SL can also set at the previous reversal H1 candle low or high
Forex Trendy is an innovative program capable of finding the most reliable continuation chart patterns. It scans through all the charts, on all time frames and analyzes every prospective breakout.
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