Hello everyone. I just wanted to share something that has worked for me the past week. It is very easy. I like to use 15MTF on GBPUSD. The system appears to be most profitable on this pair and TF.
First I use the volume indicator and wait for a climax high volume while the rsi(6) is either below 40 or above 60. Then I wait for the rsi to cross an 8MA of the rsi. So for a sell, wait for a climax high volume (red bar) to occur while rsi is above 60. Then wait for the rsi to cross the moving average down. exit when rsi crosses back up above the 8 moving average....opposite for buy. I like to set an initial stop loss above/below the previous swing when i enter a trade.
Once I have entered a trade and had rsi cross and exited my trade, i do not enter another trade until ALL the conditions are met again. e.g. dont reenter a trade if you have not had a climax high on volume and all the conditions have been met again.
Just thought I'd see if anyone had any criticism for this method.
Ive attached the volume indicator. Ive had one great trade and one breakeven trade so far today and looks like we have a potential buy setting up!
I have attached the indicator and template for ease
Great week so far, up about 180 pips in 2 days!! I am starting to believe this is too good to be true lol
the rsi and 8ma is not in the volume indicator. it is in another window. if you didn't download my template, load the rsi 6 period on your chart. then drag the moving average from your indicator list to the rsi window. set the moving average to 8, simple, then click on apply to previous indicator. that should do it!
cheers to all!
I forgot to mention you can use a green candle too. I switched the rsi to typical for a little better entries and exits.
up about 30 pips yesterday and 10 today so far!
pips to all!