Professional traders and bank traders use stochastic.It is a price action indicator, therefore trader does not require candle by candle price action reading.
It can be a reliable indicator, that is accurate, if used correctly on hourly time frames to weekly time frames.In one of my trades I made 500 points using stochastics divergence.Settings of 28/6/10 will give less false signals.
There are few good stochastics trading systems on this forum. I offer the following stochastics indicators for each pair strength AUD, GBP,JPY,EUR &USD. You can change this indicator to see any currency strength like cad or chf or any other.Multi currency correlations improve results, when king of indicators is used, it will help traders , much more with correlations.
Currency traders should be looking at triple correlations like I do. I will look at eurusd, eurjpy and eurgbp to trade euro, AND gbpjpy,gbpusd and eurgbp to trade gbp and eurjpy,usdjpy and gbpjpy to trade jpy. This will significantly improve performance, compared to single pair analysis.
Place the 5 stochastic indicators on the charts and compare related strength of the correlated instruments/pairs..I have added value to these indicators with these settings.
Back testing by EAS using single currency has proven that stochastic will perform better than price action , candle by candle analysis. I have EAS using stochastics. Other custom stochastics indicators are available here:
Many nice videos on youtube worth listening to, there are about 50 videos to learn from.
Coders can make free STOCHASTICS EA using great quality expert advisor here: