Donchian Channel with RSI is a simple breakout system for intraday and swing trading. If trade with this system for day trading add also Pivot Points levels.
Time frame 15 min or higher.
Currency pairs: EUR/USD, GBP/USD, AUD/USD, USD/CHF, GBP/JPY, USD/CAD, EUR/AUD, AUD/JPY, EUR/JPY.
Indicators:
Donchian Channel 20 period;
RSI 14 period,
Exponential moving average 11 period, close,
Exponential moving average 21 period, close,
Pivot Points.
Trading Rules Donchian Channel with RSI
Sell Signal
Enter when price breaks lower line of the Donchian Channel 20 period.
Rsi below of 45 level.
EMA 11 below EMA 21.
Exit when the price retrace into the Donchian Channel 10 period.
In Intraday trading you can make profit at the level of Pivot Points.
Buy Signal
Enter when price breaks upper line of the Donchian Channel 20 period.
Rsi below of 55 level.
EMA 11 above EMA 21.
Exit when the price retrace into the Donchian Channel 10 period.
In Intraday trading you can make profit at the level of Pivot Points.
RSI indicator and Moving Averages are my filter,
Below the link for download Donchian Channel with RSI
template and indicator MT4
https://drive.google.com/file/d/0Bwjv2Pbf48iteFZmSG9maVVqbHM/view?usp=sharing
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