GBPUSD - 2/08/2023 Long
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.
Closed trade if you're in it. 1hour and 4 Hour stochastic is turning down.