RSI Trade (The RSI Trade) | Foreign Exchange EA Download-MT4/MT5 Resources-MetaTrader 5 Resources
relative strength index
This setup is based on an article written in Technical Analysis of Stocks and Commodities. This article was written by Hadi Seyedinajad. Mr. Seyedinajad primarily uses the RSI for exits, but I have found it to be very effective for trade entries. I also use RSI for counter-trend and trend following trade entries. I have been trading in this setup for the past four weeks and have achieved good results even in these volatile markets. The rules are very simple, all you need is the RSI on the 5 minute chart. I only day trade EUR/USD in this setup. I chart and look at Fibonacci and major support and resistance levels.
This set works extremely well when prices are consolidating. It can provide an early indication of the direction of a breakout.
I use RSI for trading. Starting from the most recent high (or low), draw a trendline on the RSI and wait for the breakout to enter as a countertrend. I also use RSI as a trend following entry. I can enter a trade when the RSI bounces off the trendline. The key here is to look at longer-term charts to determine the best use of RSI, trend, or countertrend.
Of course, as most of us know, RSI divergence can also be a good trade, so be aware of divergences.
In later articles I will demonstrate the use of Fibonacci functions as well as the use of micro trends.
Again, the setup is very simple:
This setup is based on an article written in Technical Analysis of Stocks and Commodities. This article was written by Hadi Seyedinajad. Mr. Seyedinajad primarily uses the RSI for exits, but I have found it to be very effective for trade entries. I also use RSI for counter-trend and trend following trade entries. I have been trading in this setup for the past four weeks and have achieved good results even in these volatile markets. The rules are very simple, all you need is the RSI on the 5 minute chart. I only day trade EUR/USD in this setup. I chart and look at Fibonacci and major support and resistance levels.
This set works extremely well when prices are consolidating. It can provide an early indication of the direction of a breakout.
I use RSI for trading. Starting from the most recent high (or low), draw a trendline on the RSI and wait for the breakout to enter as a countertrend. I also use RSI as a trend following entry. I can enter a trade when the RSI bounces off the trendline. The key here is to look at longer-term charts to determine the best use of RSI, trend, or countertrend.
Of course, as most of us know, RSI divergence can also be a good trade, so be aware of divergences.
In later articles I will demonstrate the use of Fibonacci functions as well as the use of micro trends.
Again, the setup is very simple:
- EUR/USD only
- 5 minute chart
- 21 Period RSI
- Enter/Exit based on RSI trendline
- 20 pip stop loss and trailing stop as profit target.
- Once you have 10 pips, move your stop to break even and continue tracking. I have used the 25 station.
- Do not trade this setup (or any setup!!) during breaking news
- Do not extend or remove your stop loss.
OK, here are some examples:
(This is my first post and I can't post an explanation next to the picture. This is the only way I can do it. I hope it makes sense)
- This is an example of a consolidated market. The RSI gives early signs of a breakout.
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