simple forex strategy at RSI
simple forex strategy at RSI - to trade need to select the 4-hour chart of the currency pair EURUSD and set the oscillator RSI (10), with levels 30, 40, 50, 60, 70; trade is conducted on a deferred orders Buy Stop and Sell Stop.
Set pending order to buy , if the forex indicator RSI (10) crosses back up your level 50, but must wait for closing the candle, which happened to cross.
Buy-Stop Order must be set to the maximum of the candle, which happened to cross the indicator RSI (10) of his 15 points line 50.
Stop-Loss set to the nearest local minimum. In addition to the long position should be closed, if the RSI has crossed a level 50 in the opposite direction.
As soon as RSI (10) crosses above the level of 60 - set the 2nd order in addition to the position at 15 pips from the high candles, which happened to the intersection with a level 60, but the volume of 2 times smaller than the original (first) or equal to the first (more risky option). Stop-loss - just below the local minimum at the moment.
For trade I recommend to use a trailing stop at 100 points.
As soon as RSI (10) crosses back below the level 70 - you should close all open positions!
positions also can be closed after the breakout of the trend line for the RSI (10) - see detail below (the vertical red line pukntirnye) - sometimes it is the intersection provides earlier signals price reversal.
For transactions on sale - check the conditions!