GBPUSD - 2/08/2023 Long
Updated
Don''t make trading too complicated. Price will either go up or down. As a day trader you only need to know where price will go tomorrow not the next day or next week. Just by guessing, your win rate is 50/50. With an edge, your win rate will be higher. Most important thing is risk control.
My edge: Previous day is green and stochastic is up so the next day will likely be up. Buy when it pull back to previous day 50% and place a stop loss 2 pips below previous low. Win or lose, close the trade near end of day.
My edge: Previous day is green and stochastic is up so the next day will likely be up. Buy when it pull back to previous day 50% and place a stop loss 2 pips below previous low. Win or lose, close the trade near end of day.
Note
10:25AM Pacific TimeClosed trade if you're in it. 1hour and 4 Hour stochastic is turning down.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.