This system does not use any indicators except for the RSI as an oscillator. The RSI is used as a divergence "leading" indicator to "predict" possible price reversal point. In additon we will also look for a candle stick reversal pattern to solidify our decision. To make things more concrete, we will also look to see these reversal levels are occuring at a logical reactionary price levels, making our odds at winning the trade that much better.
I am not sure if someone else has already covered this way of trading in another thread, but if not and there is interest out there, I can certainly post some pointers and examples.
I am not sure if someone else has already covered this way of trading in another thread, but if not and there is interest out there, I can certainly post some pointers and examples.