I discovered another strategy an investor uses for the GBPUSD pair. He has his stochastic set to 13,3,3 and he analyzes the daily trend. The first portion of this setup is to see which the direction the trend is going. From there he goes into the 4hr chart and has three ema's. 4, 14, and 50. If the trend is bearish on the daily he will put an order in to short everytime all the ema's are below each other. On a daily bull trend he will buy when they are all above each other on the 4hr. He places the orders the second they all cross. I am testing this with confluence to the rest of my strategy. SL is 50 pips on all trades with this strategy and TP is 150 pips.
Let's see how this works
Let's see how this works