FREE FOREX STRATEGIES
Forex brokers comparison

Forex trading strategy #38 (1D simple strategy)

Time frame: daily
Currency pairs: any

Indicators: RSI(8), EMA(8)on RSI window, ATR(20)on RSI window, 28EMA on main window, Monthly Pivot

Use the 28EMA to determine the trend direction on the daily chart

Long entry rule

RSI must cross from below to above EMA(8)
Enter when a new candle opens and the RSI is still above the 8 EMA

Short entry rule

The reverse of above.

Stop loss: 75% of the value of the ATR(20)
take profit: use resistant and support of Fibonacci or the monthly pivots (let the profits run).



Hello thx for sharing you strategy.
How can i add the ema on the RSI indicator on my MT 4 Platform?

To add EMA to RSI:
1. Place RSI first
2. Drag and drop the EMA indicator in the RSI window, after which select
"Apply to: Previous Indicator's Data"

The EMA will be applied to RSI.

Regards,
Edward

Hello,

Can this be applied to other time frames?

Peter

Hi
What does the ATR used for? why have you included this?
Thank you
John

ATR is used for stops - see stop loss rule.

hello edward

i still unable to add ema8 to rsi indicator.how do u drag the ema8? sorry for the question.

Hi,

In MT4 we drag indicators from the Navigator window. To open a Navigator window use CTRl+N or in the menu select "View" -> "Navigator"

The rest goes exactly the way I described above:
1. Drag the RSI to the chart window
2. Drag and drop the EMA indicator in the RSI window (not on the bar chart window). The settings window for the EMA will pop up, where you need to find the line "Apply to:" and set it to "Previous Indicator's Data"

The EMA will be applied to RSI.
There are no other or additional steps needed. Hope you'll be able to do it this time.

Regards,
Edward

hi edward.

done it. :)thanks a lot for the guide! may GBU ..

Top Rated Free Forex Indicator...