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GBP/JPY 3 chart stochastic trading strategy

 
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akgladius

GBP/JPY 3 chart stochastic trading strategy

  1. Trade GBP/JPY because it is very volatile pair.
  2. Trade during Tokyo trading session.
  3. Have 3 charts open when I trade. 1hr chart, 5 minute chart and 1minute chart.
  4. Use stochastic indicator on all three charts.
  5. Determine the trend by using 1hr chart. Trade only in the direction of the trend.
  6. Set your stop loss at 20 pips. Adjust your position size accordingly.
  7. Enter short positions when currency shows overbought on 5 minute chart stochastic indicator and it lines up with 1 minute chart.
  8. Enter long positions when currency shows oversold on 5 minute chart stochastic indicator and it lines up with 1 minute chart.
  9. If your entry point were aligned with 1 hr chart stochastic, you may set your take profit at 40 pips an let it run, otherwise exit the trade when 5 minute chart stochastic reaches opposite side of the entry point.
 
Please let me know how did your trading go using this strategy.
Mon, 03/11/2019 - 2:51am