The less complicated your method the better. If you load too much onto your charts you’re simply going to suffer from ‘analysis paralysis’.
I’ve loaded up the simple combination of indicators mentioned in the prior post onto this weeks EURUSD chart.
5 & 100 SMA (I prefer the 100 to the 150)
RSI 3
Stochastics 6.3.3
This pair is still in bullish mode. Price is trending above the 100 SMA on the Daily chart & so it would be more prudent to be looking for pullbacks to the 20 levels on the RSI & Stochastics to indicate a potential continuation buy signal.
In this instance, price triggers a long trade as the 5 SMA is once again breached at approx 1.4600.
If you wish, & you have time, you can scroll down into a 15 minute chart to get a tighter entry.
By configuring a similar price confirmer on this timeframe, the 6.3.3 Stochastic, you simply wait until the indicator is hooking up underneath 20 & enter a long trade in tandem with the Daily chart trigger.
Using this dual timeframe confirmer can often get you in & out of trades at optimum levels, thus assisting in managing your risk a little more efficiently. You can also take further continuation trades on the smaller timeframe charts, knowing you’re triggering your entries in line with the current trend.