Forex trading strategy #47-a (DOUBLE RSI - beta)
Submitted by User on March 10, 2012 - 07:59.
DOUBLE RSI (BETA)
In this article I am going to show you the updates to the DOUBLE RSI trading plan. The first time this trading plan was introduced through a viewer who needed me to polish it, the update I gave was also to let other people work hard to make it a profitable one and most people I met just used it as I explained. I also discovered people wanted ready-cooked job and wont work extra to make the trading system good for them.
This trading plan is the most popular on my website and due to popular demand I have come up with this new Beta version. You can trade it as I will explain in the rest of this article. You can click here to link to the old version.
You will have to read the old version well because it forms the basic part of this BETA version. Before I explain I want you to take note of the following charts:
The 1hr chart is just like the old version, the addition is the 30min for further trend confirmation. Make sure the MACD water-line level is in line with the trend. The MACD setting is 21,89,1 The trend will last longer so any 1hr direction that is against the 30min MACD, just ignore it. The example above is SELL.
Now in the 30min the SELL was confirmed we go to 15min for further confirmation with the SCHAFF indicator, I use the default setting for SCHAFF (STCPeriod is 10, FastMAPeriod is 23, SlowMAPeriod is 50, CDPeriod is 25, and sm is 2.0) you should take your trade when SCHAFF goes RED for SELL trades and GREEN for BUY trades.
Now before you take your trade you may wait for 5min DSS indicator in 5min to go to the extreme over bought before you make a SELL in a SHORT trend or extreme over sold in a LONG trend. Same exit plan like that of the old version.
I traded it today as you can see in the acct history.
Will welcome you comments