Forex trading strategy #38 (1D simple strategy)
Submitted by User on July 18, 2010 - 16:36.
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).