Lesson 6

Lesson 6

Lesson Attachments

Trade execution

Most important thing is that we wait for all confirmation before we execute a trade.
Last confirmation is candle. Price need to show us bearish momentum for sell or bullish momentum for buy. When price is at support or resistance zone we are looking at candles. When price is forming bearish rejection from resistance, we can open sell position. When is forming bullish rejection from support zone, we can enter to buy position.
Stop loss is few pips over the zone for sell and few pips under the zone for buy. Take profit is 30 pips, or next pivot level or zone.

Check list for sell:
– RSI: over 80, turning down
– Stochastic: over 80, turning down
– Upper bollinger band: touch or cross
– Pivot point: price need to be at pivot
– Zones: Price need to show bearish momentum from the zone

Check list for buy:
– RSI: under 20 80, turning up
– Stochastic: under 20, turning up
– Bottom bollinger band: touch or cross
– Pivot point: price need to be at pivot
– Zones: Price need to show bullish momentum from the zone​

 

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