hi,
I have been using the indicator RSI for sometime now and it seems its quite a profitable indicator if used in the right way. Since there are many RSI systems and I am doing nothing new as such so i shall be naming it as the simple RSI system.
Though this type of system is not new and people have been using it similarly in systems like EUR GBP King etc.
But a through study of all the RSI systems has led me to believe that we are not really using our experience to benefit from the RSI, especially from what it has to offer.
OK Enough Crap... Lets get to the system
RULES:
Buy when RSI less than 30 (or 25 for conservative entry)
Sell when RSI greater than 70 (75 for conservative entry)
Now I have been trying this on EU UJ AU for quite sometime and it really works to snap out 10-15 pips out of the market.
The guarantee of an entry is that however low the price goes there is always the possibility of getting it back to breakeven (unless there is a strong trend)
Now I would really appreciate some inputs regarding this with respect to
- analysing Multiple time frame data to refine entry.
- analysing Market volatility to refine entry and exit.
Pitfalls: Strong trends in which the price stays overbought or oversold for longer periods making a proper entry and exit difficult.
I know this is not perfect system but the pros on this forum can really spark it to one.
Please try not to use any more indicators if possible to keep things simple.
I have been using the indicator RSI for sometime now and it seems its quite a profitable indicator if used in the right way. Since there are many RSI systems and I am doing nothing new as such so i shall be naming it as the simple RSI system.
Though this type of system is not new and people have been using it similarly in systems like EUR GBP King etc.
But a through study of all the RSI systems has led me to believe that we are not really using our experience to benefit from the RSI, especially from what it has to offer.
OK Enough Crap... Lets get to the system
RULES:
Buy when RSI less than 30 (or 25 for conservative entry)
Sell when RSI greater than 70 (75 for conservative entry)
Now I have been trying this on EU UJ AU for quite sometime and it really works to snap out 10-15 pips out of the market.
The guarantee of an entry is that however low the price goes there is always the possibility of getting it back to breakeven (unless there is a strong trend)
Now I would really appreciate some inputs regarding this with respect to
- analysing Multiple time frame data to refine entry.
- analysing Market volatility to refine entry and exit.
Pitfalls: Strong trends in which the price stays overbought or oversold for longer periods making a proper entry and exit difficult.
I know this is not perfect system but the pros on this forum can really spark it to one.
Please try not to use any more indicators if possible to keep things simple.