WPR Overbought Oversold trading system is based on trend momentum and uses Trend Magic indicator. You can download WPR Overbought Oversold trading system for free and test it out on Demo account.
How to trade with WPR Overbought Oversold trading system
The trading system is used on intraday basis, preferably on M30 timeframe. It will work on any major Forex pair, Index or Commodity.
WPR Overbought Oversold trading system consist of:
- WPR Overbought Oversold Trading System with alerts (4 periods);
Commodity Channel index (14), optional;
One of the most important rules to follow when trading with WPR Overbought Oversold system is to trade in the direction of the Trend Magic indicator.
Buy and Sell conditions
Whenever the Trend Magic line is blue, look for a green arrow of the WPR Overbought Oversold entry if Stochastic is bouncing from under 30 level and is crossing upwards. Alternatively, you can ignore the arrow signals and trade based on the direction of Trend Magic indicator on a larger and current timeframe.
The same but opposite conditions are required with red Trend Magic line for Sell condition.
You can set take profit at nearby support/resistance level, ADR, or Fibonacci pivot levels. Initial stop loss should be 10 pips +spread from entry bar level.
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