New system - looking for advice and ppl that do the same
Ok so I’m a new trader having taught myself on everything I know so far, still of a way to go.
Rules
1 hour or 4 hour
200ema determines trend if above 200ema only buy if below only sell
50 EMA to use as support and resistance alongside actual support and resistance
Stochastic 14,3,1
Once price opens or closes above/below 50ema and the stochastic is overbought or oversold can I then enter a trade. Needs to be in direction of 200 EMA and daily timeframe agrees.
Candle must close before putting the trade on. As late price movement can move stochastic and a candle not to fully close above or below the 50ema