Take profit when both rsi and stochastic are overbought and vice versa.
Overbought and oversold are not necessarily indications that a market will reverse contrary to what some people teach. Markets can stay overbought much longer than oversold and therefore I find more value from the oversold signals(red signals).
Occasionally these signals will catch the exact top/ bottom but it would be risky to take a trade based on these signals alone. You can see these signals as take profit signals or even signs of a possible reversal.
Given the nature of these two indicators it will not perform well in a strong trend, so always use with confluence. Personally I would only use the oversold signals but I left it in case anybody finds it useful.
Hi good job,how to create alert on take profit pop up . Please
vfvong
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Could you make a strategy version of this awesome indicator?
Tradefyer
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Take profit level for short is coming but after sometime it disappeared, while take profit level for long never disappeared. Pls fix take profit for short also , it should not be disappeared.