hope this tip would be easy for any beginner and safe.
as of me, trading an intraday with gold would be easy with stochastic, but its purely intraday, mind it.
it works out this way:
use a 14 day slow stochastic , with higher band of 70 and a lower band of 30, with gold hourly chart on it. whenever you see the stochastic closing 70 in an hourly candle, you can try a short. the same is the reverse, whenever the stochastic closes below 30, you can buy.
but this is the basic of stochastic, rite ? more than knowing where our tool would work, we also need to know where it will not work.
Rule1. the target for your entry is just 1$-1.5$, when you reach it, Plz exit
Rule2. may be in some case your target dones't reach in 3 hours time, Plz exit on market.and have ur stops above or below the recent low or high made.
Rule3. this will not work out, when your intraday r2 and s2 breaks. so Plz dont enter if you get an entry after that. its the same if there is a major reristance of major suPPort break. because it is logical, that is such a major trend breaks, the market will run
Rule4. Most important : be strict with all the above rules.
happy trading
as of me, trading an intraday with gold would be easy with stochastic, but its purely intraday, mind it.
it works out this way:
use a 14 day slow stochastic , with higher band of 70 and a lower band of 30, with gold hourly chart on it. whenever you see the stochastic closing 70 in an hourly candle, you can try a short. the same is the reverse, whenever the stochastic closes below 30, you can buy.
but this is the basic of stochastic, rite ? more than knowing where our tool would work, we also need to know where it will not work.
Rule1. the target for your entry is just 1$-1.5$, when you reach it, Plz exit
Rule2. may be in some case your target dones't reach in 3 hours time, Plz exit on market.and have ur stops above or below the recent low or high made.
Rule3. this will not work out, when your intraday r2 and s2 breaks. so Plz dont enter if you get an entry after that. its the same if there is a major reristance of major suPPort break. because it is logical, that is such a major trend breaks, the market will run
Rule4. Most important : be strict with all the above rules.
happy trading
