74# RSI, SMA and ATR 30 min Trading System
Submit by Ozzy Trader 30/01/2012
This forex trading strategy which is great for people who work full time but want to build a very lucrative part time forex trading addiction into full time profession from the comforts of their job:
1. 30 Min chart
2. 5 Period SMA
3. 45 RSI
4. 21 Average True Range (This is a volatility metrics to help determine lot size)
5. Use a 50 PIP stop.
Get Long (buy) position when the price exceeds the SMA by 5 PIPS for the first time and the RSI is greater than 50. Get Short (sell) position when the price fall below the SMA by 5 pips for the first time and the RSI is less than 50. The target for this system is always 200 PIPs (which I am currently enjoying with the GBP/USD).
The ATR is used to determine lot size. Lot size or Money Management is by far the most important concept to trading.
RSI Forex Strategies