Forex trading strategy #24 (Raphael's simple strategy)
Submitted by User on October 14, 2009 - 15:29.
Submitted by Ebunoluwa Raphael
I used this on 3 time frames and this are hour, 15mint and 5mint chart at least for an intra day trader.
1 hour - trend
15 mint - confirmation
5mint for entry and exit
RSI on hour chart below or above 50 depending on where price is going at that point in time.
Stochastic on hour chart should be in line with your RSI that mean should face the direction of RSI.
You now carry the microscope down to 15mint, plot pivot point on that chart and what you will do is to relax my favorable way of using this is i look for a major turning point after i had noticed my hour chart like what i explained above price at R3 or S3 or price weakness at verse versa and the more i noticed more candles at that point the more i see how strong i can believe that trade.
Last is 5mint i will look for fresh move on stochastic and ride it until it becomes oversold or overbought again depending where the price is going also and exit.