Another interpretation of the well-known stochastic indicator, the True Stochastic Indicator has more sophisticated functionality and a fresh perspective on how to apply it in trading. You have no idea how many expert advisors and indicators have been developed using stochastic. And right now, a different iteration of this signal is performing incredibly well in front of us.
We select whether to establish a sell or buy position for us based on the overbought / oversold levels displayed by the basic stochastic from the MT4 indicator set. In reversal techniques, this is crucial. Nothing new has been observed in the True Stochastic Indicator. However, the indicator's creator advises that we take into account levels 1 through 10 and 90 through 100 for trading while keeping in mind previous instances in which the price neared these ranges.
As a result, we will place a Buy order when.
we will open a sell order:
Put your stop loss 10–20 pip above or below the pivot point of the price.
Stop Loss*3 + Take Profit In addition, support/resistance levels, round values, etc., can be used.
The indicator has an information panel, and I have more information about the column values in this dashboard HERE.
In this video, you may notice a few more insightful insights.
We all understand that the stochastic has a serious flaw: long-lasting unidirectional trends without correction. It goes without saying that TFA True Stochastic has this flaw as well. For this, the author advises entering the market only on the oscillator's sixth touch of either the upper or lower levels. This can help you avoid a long-lasting trend to some extent, but not always.
Of course, you shouldn't rely just on this indicator. Add more filtration by using
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