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RSI Killer

RSI Killer
First introduced by J. Welles Wilder in 1978 in his book NewConcepts in Technical Trading Systems. The value of Rsi is in the range 0-100. Bythus some traders categorize it as an oscillator becausethe oscillator principle is circular (descending and ascending from top to bottom). The RSIis an indicator that compares price momentum between values over timethis is against the attractiveness of the losses.
RSI Killer
RSI Killer strategy
To set this RSI indicator you need to set it to 2 types of settings namely RSI14
and RSI3. To get the graph indicator like above you need to do some
step for the purpose of setting your indicator. You can follow the setting method
these are: -
i.) RSI 14
Step 1
Click on INSERT then INDICATOR then OSCILLATORS then RSI
and it will come out of the box on your screen.
Step 2
Click on PARAMETERS and you enter the following settings:
Period = 14
Apply to = Close
Style = DodgerBlue
Fixed Minimum = 0
Fixed Maximum = 100
Step 3
Click on LEVELS and you go to the following settings:
Level = 30
Level = 70
Level = 50
Style = Silver
Step 4
Click on VISUALIZATION and you enter the following settings:
Click on the ALL TIMEFRAMES and SHOW IN DATA WINDOW boxes
ii.) RSI 3
Step 1
Click on INSERT then INDICATOR then OSCILLATORS then RSIand it will come out of the box on your screen.
Step 2
Click on PARAMETERS and you enter the following settings:
Period = 3
Apply to = Close
Style = DodgerBlue
Fixed Minimum = 0
Fixed Maximum = 100
Step 3
Click on LEVELS and you go to the following settings:
Level = 20
Level = 80
Level = 50
Style = Silver
Step 4
Click on VISUALIZATION and you enter the following settings:
Click on the ALL TIMEFRAMES and SHOW IN DATA WINDOW boxes
4.2 METHODS OF USE
The RSI14 and RSI3 indicators that you have set can help you to identifies market conditions as either OVERBOUGHT or OVERSOLD.But you need to be careful about using both RSIs as a guidebecause these two RSI indicators need to be in the same state forallowing you to determine whether the market is OVERBOUGHT or
OVERSOLD. How do you know if the market is OVERBOUGHT or
OVERSOLD? See the diagram below: -
RSI Killer
OPEN SELL POSITION - Make sure the RSI 14 tracks or crosses line 70 upwards (preferably at points 70 - 75) and RSI 3 exceeds line 80 and above (preferably at points 90 - 95).
- The condition of both RSI 14 and RSI 3 must be in parallel between each other each other to the maximum extent such as stated above.
- Please refer to the diagram above as guides and references.
- If one of the RSI is approaching overbought you have to wait for the next RSI approaching overbought in other words these two RSI's are up to date.
- To maximize profit after you open the SELL position you can wait so one RSI is either RSI3 or RSI 14 tracks its destination first. I recommend you take advantage when RSI 3 is approaching oversold for a factor RSI 3 is faster its movement from RSI14.
OPEN BUY POSITION -
Make sure the RSI14 tracks or crosses line 30down (preferably at points 30 - 25)
and RSI3 goes beyond line 20 (preferably on point 10 - 5).
- The condition of both RSI 14 and RSI 3must be in parallel between each other each other at a minimum like thatstated above.
- Please refer to the diagram above as guides and references.
- If one RSI approaches oversold you'll have to wait for the next RSI to come oversold in other words these two RSIs in parallel and evenly.
- To maximize profit after you open the LONG position you can waiting for one of the RSI's The RSI 3 or the RSI 14 tracks its destination even further first. I recommend you take a profit when RSI 3 approaches overbought because the RSI 3 factor of time is faster than the RSI 14.
Through this method, you can apply to all your TIMEFRAMEs
but the ideal timeframes are in H1, H4, D1, W1 and MN.
RSI Killer
To avoid making a mistake when entering the position, here I would like to provides some tips and techniques on RSI 14 and RSI 3 that you need all obey: -
Make sure you enter the LONG or SHORT position when both-the two RSIs approached their destination in parallel and as described above.
If you enter the LONG position follow the tips below: -
RSI14 - Make sure the RSI 14 tracks or crosses line 30 and preferably down to points 25 - 30.
AND RSI3 - Make sure the RSI3 tracks or crosses line 20 and well below the point at 5 - 10.
If you enter the SHORT position follow the tips below: -
RSI 14 - Make sure the RSI 14 tracks or crosses line 70 and preferably at points 70 - 75.
AND RSI 3 - Make sure RSI 3 tracks or crosses line 80 and preferably at points 90 - 95.
Avoid entering LONG or SHORT positions when both these RSIs do not track their destinations and are inconsistent its position as shown in the diagram above because it is feared that the trend will change.
Make sure you reference all TIMEFRAMEs to avoid any mistake while entering the trend. Start from TIMEFRAME big and down. Examples are MN, W1, D1, H4, H1, M30, M15, M5 &
M1.
TIMEFRAME is best for reference to MN, W1, D1, H4 and H1
➢ Make sure you take advantage of one of the RSI'sapproaching the destination. Here I recommend you take profitwhen RSI 3 approaches overbought or oversold due to factor intervals faster than RSI 14.
➢ To prevent the occurrence of FALSE SIGNAL in the middle trends such as the diagram above where the trend changes at in the middle of both RSI then I recommend you wait both these two RSIs are approaching both destinations described above.
➢ Finally be convinced of the position you have entered by calming yourself from the turmoil of the soul. Follow and be sure of the indicators you use.

RSI Killer Reviewed by learn forex trading on November 24, 2019 Rating: 5

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