MACD and Stochastic are two common mt4 indicators. This strategy is made with these indicators. It is similar to this Simple trading strategy of Stochastic indicator . But this strategy is filter with MACD, so you can avoid false signal from this strategy. This strategy is also simple and easy to follow.
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(1) MACD. See how to set MACD indicator
(2) Stochastic. See how to set Stochastic indicator
How to get Buy signal
1st condition for buy signal is that MACD must be above 0.0 level. Then you have to look at oscillator indicator. When crossover occurs on stochastic at the oversold area, then it gives buy signal.
How to get Sell signal
1st condition for sell signal is that MACD must be below 0.0 level. Then you have to look at oscillator indicator. When crossover occurs on stochastic at the overbought area, then it gives sell signal.
Time frame: H1, H4, Daily.
Currency pairs: Any pairs.
Take profit and Stop loss: You can set 50-80 pips take profit. You can also close your buy order when stochastic indicator is near to overbought area. Similarly you can close your sell entry when stochastic is near to oversold area.
Stop loss should be set below the swing low for buy entry and above the swing high for sell entry.
Risk warning: For applying this strategy, you need to follow trading rules of this strategy. You have to trade with your own risk with this strategy. You must follow money management. To prevent loss, you should avoid this strategy at the high impact news time. If you are satisfied with the success rate of this strategy, then you can apply this on your real account.