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Trendline
The basic of trading. It is important for the traders to determine where the market would possibly stop. Traders must and can identify trendlines. You can use I minute timeframe on this system, and the suggested pairs are EURUSD, GBPUSD, AUDUSD. Here are some list of indicators needed for this system:
- Trendline
- Stochastic (5,3,3)
For SHORT entry:
- The currency pair must retreat on the trendline but doesn’t close above. If the stochastic iscillator crosses up from overbought area, then you can open a sell position.
For LONG entry:
- The currency pair must retreat towards the rising trendline but doesn’t close below. If stochastic oscillator turns back above 20 from oversold, then you can open a buy position.
Set Stop Loss 3 pips below or above the trendline and you can take profit at 7-12 pips.
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