Simple RSI System | Foreign exchange indicator download - MT4/MT5 resources
Hi,
I have been using the RSI indicator for some time now and it seems to be a fairly profitable indicator if used correctly. Since there are many RSI systems and I'm not doing anything new, I named it the Simple RSI System.
Although this type of system is not new, people have used it similarly in systems such as Euro Pound King.
But a thorough study of all RSI systems leads me to believe that we are not really using our experience to benefit from RSI, especially what it has to offer.
Okay, without further ado...let's get into the system
rule:
Buy when RSI is below 30 (conservative entry would be 25)
Sell when RSI is greater than 70 (conservative entry is 75)
I have been trying this method on EU UJ AU for a while now and it does yield 10-15 pips from the market.
The guarantee of entry is that no matter how low the price goes, it is always possible to get back to breakeven (unless there is a strong trend)
Now I would really appreciate some input on this
- Analyze data across multiple timeframes to optimize inputs.
- Analyze market fluctuations to optimize entries and exits.
Pitfall: Prices remain in a strong overbought or oversold trend for an extended period of time, making appropriate entries and exits difficult.
I know it's not a perfect system, but the pros on this forum can really inspire it to one.
For the sake of simplicity, use as few indicators as possible.
I have been using the RSI indicator for some time now and it seems to be a fairly profitable indicator if used correctly. Since there are many RSI systems and I'm not doing anything new, I named it the Simple RSI System.
Although this type of system is not new, people have used it similarly in systems such as Euro Pound King.
But a thorough study of all RSI systems leads me to believe that we are not really using our experience to benefit from RSI, especially what it has to offer.
Okay, without further ado...let's get into the system
rule:
Buy when RSI is below 30 (conservative entry would be 25)
Sell when RSI is greater than 70 (conservative entry is 75)
I have been trying this method on EU UJ AU for a while now and it does yield 10-15 pips from the market.
The guarantee of entry is that no matter how low the price goes, it is always possible to get back to breakeven (unless there is a strong trend)
Now I would really appreciate some input on this
- Analyze data across multiple timeframes to optimize inputs.
- Analyze market fluctuations to optimize entries and exits.
Pitfall: Prices remain in a strong overbought or oversold trend for an extended period of time, making appropriate entries and exits difficult.
I know it's not a perfect system, but the pros on this forum can really inspire it to one.
For the sake of simplicity, use as few indicators as possible.
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