Although no trading system can solely depend on RSI indicator, deploying it in conjunction with other tools and proper analysis that is technical bring a brand new advantage to your Forex trading.
Setup:
Currency pair: Any.
Time frame: Any.
Indicator: RSI (14) with amounts at 70 and 30.
Entry guidelines: purchase whenever RSI has crossed below 30, formed a bottom, after which crossed back up through 30.
Entry guidelines: offer whenever RSI has crossed above 70, formed a peak, and then crossed back off through 70.
Exit guidelines: perhaps not set.
Benefits: RSI is an excellent indicator to refer for verification for any entry in any simple or trading system that is complex. For current trading method it advices well on entries, but opportunities occur not that often.
Drawbacks: monitoring is required, still false signals take spot. Strategy is suggested become utilized in combination with other people.
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