S+R (Stoch + RSI) (S+R (Stoch + RSI)) | Forex Indicator Download - MT4/MT5 Resources
This is my short-term system that can turn into a large-time system when a trend forms. Two things I've been trying to figure out are:
1 - Justifiable reasons for exiting a transaction
2 - Opportunity to rejoin if impulsively expelled
In a nutshell, this is what you need:
EUR/USD Chart 15M Time Frame
3 Day Moving Average on Stochastic Chart RSI
Daily Pivot Point Changes
ATR Level American Standards Institute
#zigzag pointer
I collected all these metrics for free from forums like this one. But the combination and approach are purely mine. However, I will attach all these indicators here along with my template... Try this system, backtest it, forward test it - only go live when you are satisfied with yourself.
As for me, I have been testing it with 2.5 years of data... Demo trading has been successful for a few months now and I already feel very excited and relaxed and can't wait to try it on my real account. The reason I am sharing this system is purely educational because of everything I have learned from this forum and the wisdom here will always inspire me.
Legend: I used 3SMMA crossover, RSI 100 evaluated in 50 SMMA. For exit I use stochastic indicator 80,10,1 evaluated in EMA 80. I only use the RSI line and not its channels... The same goes for the stochastic indicator on the chart, I only use the slow line and no other indicators.
Positive approach:
When the SMMA 3 crosses the RSI line and the Stochastic slow line follows, I enter a long trade...and vice versa, a short trade. Later, when SMMA 3 crosses the stochastic slow line, I know that the advance is complete and now either volatility will decrease or price will retrace to the RSI line. I initially use ATR levels as my targets, but if the daily shift pivot accelerates, I will look for price to break above these levels to reach new heights. In a trending market like this, I want to exit my trade by moving my stop loss following the price, rather than hitting the target price.
Cautious approach:
When playing it safe, I prefer the Stochastic Slow line to cross the RSI line first and don't mind a 3SMMA crossover if it happens earlier. If the stochastic line crosses the 3SMMA first...eventually the 3SMMA will cross above the stochastic line and that's where I will go. As long as the 3 SMMA is between the RSI and Stochastic lines... the price will fluctuate and volatility will increase, but will remain within the channel. See chart for explanation.
Please use my template, otherwise you will have a bunch of channels on your chart, making it difficult to read.
1 - Justifiable reasons for exiting a transaction
2 - Opportunity to rejoin if impulsively expelled
In a nutshell, this is what you need:
EUR/USD Chart 15M Time Frame
3 Day Moving Average on Stochastic Chart RSI
Daily Pivot Point Changes
ATR Level American Standards Institute
#zigzag pointer
I collected all these metrics for free from forums like this one. But the combination and approach are purely mine. However, I will attach all these indicators here along with my template... Try this system, backtest it, forward test it - only go live when you are satisfied with yourself.
As for me, I have been testing it with 2.5 years of data... Demo trading has been successful for a few months now and I already feel very excited and relaxed and can't wait to try it on my real account. The reason I am sharing this system is purely educational because of everything I have learned from this forum and the wisdom here will always inspire me.
Legend: I used 3SMMA crossover, RSI 100 evaluated in 50 SMMA. For exit I use stochastic indicator 80,10,1 evaluated in EMA 80. I only use the RSI line and not its channels... The same goes for the stochastic indicator on the chart, I only use the slow line and no other indicators.
Positive approach:
When the SMMA 3 crosses the RSI line and the Stochastic slow line follows, I enter a long trade...and vice versa, a short trade. Later, when SMMA 3 crosses the stochastic slow line, I know that the advance is complete and now either volatility will decrease or price will retrace to the RSI line. I initially use ATR levels as my targets, but if the daily shift pivot accelerates, I will look for price to break above these levels to reach new heights. In a trending market like this, I want to exit my trade by moving my stop loss following the price, rather than hitting the target price.
Cautious approach:
When playing it safe, I prefer the Stochastic Slow line to cross the RSI line first and don't mind a 3SMMA crossover if it happens earlier. If the stochastic line crosses the 3SMMA first...eventually the 3SMMA will cross above the stochastic line and that's where I will go. As long as the 3 SMMA is between the RSI and Stochastic lines... the price will fluctuate and volatility will increase, but will remain within the channel. See chart for explanation.
Please use my template, otherwise you will have a bunch of channels on your chart, making it difficult to read.
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