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Forex trading strategy #4 (RSI High-Low)

Although no trading system can solely rely on RSI indicator, using it in combination with other tools and proper technical analysis can bring a new edge to your Forex trading.

Setup:
Currency pair: Any.
Time frame: Any.
Indicator: RSI (14) with levels at 70 and 30.


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Very good addition. Thank you, Carlos!

Edward.

Hi Edward,pls how can one be a succesful forex trader? Is it by using these seemingly simple indicators for the ever complex and hard to understand trading system or by reading the highly advertised forex trading online textbooks? Pls I need an answer. I want to take up a career in forex trading. Thanks, Abbey

Hi Abbey,
Every Forex trader achieves certain level of success in his/her own unique way. I started my career by simply reading all available material I found on the Internet. Soon I opened a demo account and began testing and experimenting with everything I learned.
You may choose to buy some advertised books or learn only from free sources. Nowadays, there is so much information available online about Forex that some would say there is no need to pay for books anymore. Whichever way you choose I'd recommend following those simple steps:
- start by reading free online materials about Forex trading;
- as you learn open a demo account and begin practicing; take several months to shape your basic skills;
- by the time you have quite solid base about Forex trading, you will know what kind of area you'd like to expand your knowledge in. Then you may choose to purchase some books, visit seminars or find a mentor.
- no matter how good your trading is, learning should never end.
- and last but not least - discipline. It sounds simple, but eventually you'll come to understanding why Trading Discipline sets apart successful traders from unsuccessful ones.

Best regards,
Edward

Hi Edward, thanks very much for this very cool forex websites. Really help such noobie like me :D

BTW, I'm just testing this system for my demo account and found it very good! Well I'm using those RSI(7,70,30) with Stoch(5,3,3) also with a martingle system. Frankly, a manual martingle is really hard to execute.

Or is there any easy way of doing martingle? I means how to set the TP and Buy Limit orders each time the price hit the PIPS and so on.

Anyway, thanks again for a very good tips and website. Keep it up man! :D

Hi,

I'm not using Martingale system, but familiar with it.
I'm planning to write several topics on money management strategies, but so far got so much work to do that my other plans are resting on the highest shelve currently.
Sorry, I would probably need to leave your question open.

Strive to find an approach that would allow you to stay in the trade as long as it is on your side, and as long as the trend is valid, and cut your losing orders quickly, and to achieve that enter only at such levels where the stop can be placed close to your entry: e.g. double top/bottom formation, triple top/bottom pattern, at the test of a trend line, at Fibonacci levels, at Pivot points, at daily highs/lows, at other major support/resistance levels that you find on charts.

Regards,
Edward

Really, Edward...
this is one of the most interesting pages about forex, what i found.
thank you very much
can i published the (translated) strategies in my (german) webpage?
good work, follow this.
-DANKESCHÖN- like we say in german.
(Thank you)
Greetings from Berlin, Germany

Greetings to Berlin,

Some selective re-publishing is fine as long as credits are given to the original source. Thank you.

Regards,
Edward

for rsi do I use a SMA or an EMA?