In hindsight, we can see that the market was merely testing that level. They will help us define the new trend direction. One thing to remember is that support and resistance levels are not exact numbers. Majors 0, eUR/USD posted considerable gains last week, flirting with the.13 level. As will all swing trading strategies on this site, test them, tweak them and prove to yourself they can work.
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We will use these levels to indicator an oversold/overbought market condition. Stochastic by default has 80 level, above which market is treated as overbought, and 20 level, below which market is considered oversold. Full Stochastic inidcator has 3 parameters, like: Full Stoch (14, 3, 3 where the first and the last parameters are identical to those found in Fast forex hold on to position in weekend and Slow Stochastic: the first parameter is used to calculate K line, while the last parameter represents the number. Stochastic K and D line work similar to moving averages and: when K line from above crosses D line downwards traders open Sell orders. Stochastic indicators formulas, full Stochastic Formula, fast Stochastic Formula. Check to see if the RSI indicator is breaking through the 50 level If both 3 and 4 are true, then place a sell stop order 3-5 pips below the low of the candlestick Your stop loss can be above the high of the last candlestick.