I haven't posted anything on here in a long time so figured I'd post my current trade. This is a very simple setup I have been using for a while to trade on demo accounts and on 1broker. It is a combination of the Stochastic
Oscillator as used in Mumbai Scalping set to 5,3,3 And an Ichimoku Cloud
. My cloud has been altered to provide me with signals, I never finished writing the script so not every signal is fully trustworthy from it. In addition to these two indicators I use ZigZag
as a way of seeing where to draw fib retracements and expansions.
As shown on my chart I have 3 signals all supporting to short. Stoch
is about to fall below 70, the Ichimoku
Cloud's conversion line crossed below the base line and we are under the cloud which is bearish
. And we have hit a 0.618 fib retracement which we've began descending from. Therefore I feel it is quite safe to short here.
My entry is roughly the current price. My stop loss is 109.5 and my target is a meager 106.5