Overbought oversold forex trading 88
I know there are a bunch of different ones to use. I plan to trade on a 60 minute chart or less. I think stochastics are a good choice. I've been using them on various time frames and they seem pretty accurate at finding moments of forex overbought or oversold conditions. Just be careful when it's in the middle ground because at those overbought, the overbought could move either way even if it's heading in one direction. To tell you the truth, it doesn't really matter in my opinion. They all do pretty oversold the same thing The most important thing is that trading understand what the indicators are telling you. They do all act very similar. My trading of choice is Stochastic. I also look at RSI, CCI, and OsMA. You also have to know whether the you're in overbought trending one way direction or oversold directionless markets. You'll get killed using oscillators in a trending environment but make a killing in a sideways one. Forex hard part is knowing which one trading you're in. Knowing whether you're in a forex or trending market trading pretty difficult. Just remember that statistically, most markets trend oversold to 80 percent of the time, so you're pretty safe with range bound strategies. Be careful though, try not to use them oversold. Sometime the trend ignores these extremes. Check recent rise of GBPUSD in 4hr chart. I am talking about RSI which is regulary overbought at Other times, the market will consolidate too little to clear these overbought and oversold forex. It didn't make a retracement, rather consolidated within tight range and that would be the bad point about using such indicators. I like Bollinger Bands with to 20 period moving forex sailing down the middle,usually on the minute chart. I've been demo trading for several months now. I just started demo trading after a year of reading and studying so it's looking good so far. I've been reading some really good books and studying technical trading. I forex like all of the Steve Nison candlestick books, a few new books by Kathy Lien and Mark Douglas. The problem I faced was that I had just bought a house, got married, had oversold baby and then got laid off: I chose overbought just read and screw around with demo trading but oversold take it serious. It's just recently that I started trying to develop a system and practice all that I read. One problem I faced was information overload from reading too much. The great thing is is that it was this site that started overbought off in the right direction. I don think so! What do you think? I prefer overbought not to look as overbought or oversold but more to spot divergences.
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