High-Low RSI
Joseph
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High-Low RSI
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Let's look at the following Forex strategy that uses the RSI (Relative Strength Index) oscillator indicator .
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Graphic : Any
Indicators : RSI (14) with levels 30 and 70
Entry Conditions
When the RSI has crossed below 30, forming a bottom, and returns by crossing the 30 level again, a BUY signal is generated.
When the RSI has crossed above 70, forming a top, and returns by crossing the 70 level again, a SELL signal is generated.
Exit Conditions
You can define a fixed amount of pips for profit and stop loss .
Advantage
It generates fairly accurate entry / exit signals, but the opportunities are not that frequent.
Disadvantages
It requires monitoring and should be used with other indicators to minimize wrong signals.
