111# 4H RSI Trading Method MultitimeFrame
RSI indicator Trading Method
Submit by Kerry 23/09/2013
This Trading system is based on the RSI indicator on 4H chart and Daily Chart.
Daily chart determine the trade. If RSI indicator (8) periods on daily Chart >50, only buy, if RSI indicator (8) periods, on daily Chart <50 only Sell.
Tradind Rules for 4H RSI Trading Method MultitimeFrame
Time Frame 4H and daiy.
Currency pairs: any,
RSI Indicator (8) periods.
EMA Channel formed by two exponentials moving everages 25 periods (high and low).
Buy only when RSI indicator is above level 50 at Daily TimeFrame
Candle closed above 25 EMA
and the last two candles must bull candles (blue candles).
RSI 8 at 4hr must be above level 50.
Sell only when RSI indicator is below level 50 at Daily TimeFrame
Candle closed below 25 EMA
and the last two candles must bear candles (blue candles).
RSI 8 at 4hr must be belw level 50.
Take profit Ratio 1.4 Stop loss.
Profit Target on the support and resistance lines.
Profit Target predetermined that depends by currency pairs.
Initial stop loss on the previous swing, after 40 pips in gain move stop loss at the entry point.
September 3rd, RSI 8> 50 on the TF Daily, only buy on the 4H TF.