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.
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