![]() If you are cooking something and you check on it and Here’s What You Need to Know about "Overbought" and "Oversold" : So, what are overbought/oversold levels and how to use them? Read this small article : It may be many variations of this simple Schaff system but most of them are related to overbought/oversold levels of this indicator. If you instal indicatiors and use this template so you will get the chart like that: Take profit: Close the trade if the Schaff Trend Cycle indicator moves down to -10 and then rises back above +10.Place stop 3 pips above the most recent level of resistance.Wait for the Schaff Trend Cycle to reach overbought territory on the chart (90-110), go short when the Schaff Trend Cycle turns back below 90, and Stocastich crosses line down.The 100 exponential moving average is sloping down.Take profit: Close the trade if the Schaff Trend Cycle indicator goes below 90. ![]() Place stop 10 pips below the most recent level of support.Wait for the Schaff Trend Cycle to reach oversold territory on the chart (-10 +10), go long when the Schaff Trend Cycle turns back above 10, and Stocastich crosses line up.The 100 exponential moving average is sloping up.There are a lot of trading systems based on this indicator. Forum on trading, automated trading systems and testing trading strategies
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