Forex trading strategy #4 (RSI High-Low)
Submitted by Edward Revy on February 28, 2007 - 14:14.
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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Hi Al,
yes you can, but it'll take years to get to that level, as well as your dedication to trade Forex day in and day out (unless you write/buy a robot).
For me, Forex is not the only income. I run my own business and do other favorite things.
I wish you all the best in your trading career!
Best regards,
Edward
Hi Ed, I am starting in Forex and looking for the best strategy that suits my personality and time availability, and this is the best site I've ever seen so far. Many thanks for your great support.
Just one last question: Can you live only from Forex?
Thanks again, Al from Chile Southamerica
Thank you, Lance
I'm truly glad you enjoyed it!
Best regards,
Edward
Hello Edward, just found your site. It seems I agree with everyone else.
It's really great to see someone answering even the most mundane of questions in such a helpfull manner.
But hey I'm a novice too, so thank goodness someone else is asking them !!!!
I've really enjoyed reading through everything.
I'll be back !
Thank you very much.
regards
Lance.
Hi,
May be I misunderstood you, but why did you enter above 70?
We have rules that say to enter when price goes above 70, forms a top AND afterward drops and exit from overbought area (exit below 70), only then we Sell, below 70.
Best regards,
Edward
Edward,
After entry at above 70%,the market proceed up another 30pips than ONLY come down, what safer level to exit?
Hey Larry,
there isn't much around.
the information is rather scarce, a little info here: http://www.forexmarkethours.com/correlation/06/
Thomas
Hi,
Unrealated to this site but....can you steer me toward one or more strategies related to Forex Correlation Trading. If not - just information???? Thanks Larry 909 262-6380 marathon.7(a)hotmail.com
Thank you, Henn and welcome!
Regards,
Edward
I really like this site...
Thanks EDWARD
Henn, Sabah, Malaysia.
Thank you,
Detailed steps are described here:
How to add MT4 indicators
Regards,
Edward
Hi Ed,
GREAT Site!
Re:
"You can download one for your Metatrader4 platform here: wlxFractals.mq4
Regards,
Edward"
How do you add this code into MT4?
Thanks!
No problem :)
TP stands for Take Profit.
Regards,
Edward
Hi All,
Sorry about the following 'blonde' question but what does TP stand for?
much appreciated
K
If you are going to use RSI then look for divergence, confirmed by another indicator (stochastics, macd, williams etc).
DO NOT just simply trade based on RSI otherwise you will end up with more losers then winners.
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