If you still remember in lesson 21, we need an indicator to identify a new trend as early as possible. It is what we will dig in today with our shining star STOCHASTIC.
The Stochastic helps us examine the possibility of entering a trade after a moving average crossover, as well as help us to avoid oversold and overbought areas. We will use an extra tool called RSI to help determine the strength of the desired trend and set 100 pips as the amount of risks we are willing to take. Then, define our entry and exit rules before starting the testing phase.
We have provided two examples of long and short trades with charts analysis for your comprehension.
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