RSI Explosion

RSI Explosion is a simple strategy price action momentum, based on fast RSI and support and resistance lines.
Time Frame 1H or higher,
Currency pairs: any.
Forex Indicators:
RSI (2) period, close with levels 80 and 20.
Draw support and resistance lines.
Rules RSI Explosion
Buy
If the price touches the support line and the RSI is below 20 level place a buy order opening of the next candle.
Initial stop loss 3 pips below the support line.
Profit target depends by currency and time frame.
Sell
If the price touches the resistance line and the RSI is above 80 level place a sell order opening of the next candle.
Initial stop loss 3 pips above the resistance line.
Profit target depends by currency and time frame.
Below the link for download the template for MT4. Indicator MT4 is Sup-Res V.3.
This strategy was written and sent by Joy22.
RSI Explosion

RSI Explosion

RSI Explosion

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