RSI 50 X(cross) Scalping System
RULES
NO Trolls.
NO discussion of other non related systems.
NO discussion of commercial materials (Brokers, Paid Products, etc)
NO attacking and disrespecting other members.
You can add tweaks to the system, but NOT change the Main Concept!
Sharing other indicators not related will be ignored.
This group focus on manual leaning approach, automation is not the strategy
Using the thread as means in getting monetary benefits like donations
RULE BREAKERS WILL BE IGNORED WITHOUT NOTICE!
Disclaimer - I've been trading for 5 years. Trading is not my only source of income. I like to test systems, it's part of the fun for me. I'm not claiming this is a perfect system, but it gets you on the right side of the market a very high percent of the time. Most importantly, please add, remove or modify anything surrounding the system as long as the core concept remains - we're all here to make as much money as possible.
Timeframes
*WIP* M1 (RSI 5/RSI 15), M15 (RSI 30/RSI H1), H1(RSI H4, RSI D1)
Buy Rules:
RSI(5M) and RSI(15M) have both crossed above 50 on the same BAR
Sell Rules:
RSI(5M) and RSI(15M) have both crossed below 50 on the same BAR
*Clear examples in screenshots*
Exit Rules:
How you exit the trade can vary so drastically based on a number of variables. I don't want to overfit a rigid rule for exiting. Play around with it, do some research and see what works for you
Some ideas: 1:1 with recent swing. Set number of pips based on ATR or pair. Market structure concepts like supply and demand, fair value gaps, support and resistance and key levels.
Ideology (why it works)
1. Although I tend to believe most indicators are useless, RSI is probably the most used and respected one there is
2. The RSI 50 level on its own creates powerful entries..and then you add MTF analysis
3. One indicator on your chart keeps the system simple and lets you focus during the trade and not over fit other indicators into a simple and clear system
Main Concept (exemplified by screenshots)
Pay attention to how/when the RSI's cross together
Indicators:
M5 RSI - Length 14
M15 RSI - Length 14
RULES
NO Trolls.
NO discussion of other non related systems.
NO discussion of commercial materials (Brokers, Paid Products, etc)
NO attacking and disrespecting other members.
You can add tweaks to the system, but NOT change the Main Concept!
Sharing other indicators not related will be ignored.
This group focus on manual leaning approach, automation is not the strategy
Using the thread as means in getting monetary benefits like donations
RULE BREAKERS WILL BE IGNORED WITHOUT NOTICE!
Disclaimer - I've been trading for 5 years. Trading is not my only source of income. I like to test systems, it's part of the fun for me. I'm not claiming this is a perfect system, but it gets you on the right side of the market a very high percent of the time. Most importantly, please add, remove or modify anything surrounding the system as long as the core concept remains - we're all here to make as much money as possible.
Timeframes
*WIP* M1 (RSI 5/RSI 15), M15 (RSI 30/RSI H1), H1(RSI H4, RSI D1)
Buy Rules:
RSI(5M) and RSI(15M) have both crossed above 50 on the same BAR
Sell Rules:
RSI(5M) and RSI(15M) have both crossed below 50 on the same BAR
*Clear examples in screenshots*
Exit Rules:
How you exit the trade can vary so drastically based on a number of variables. I don't want to overfit a rigid rule for exiting. Play around with it, do some research and see what works for you
Some ideas: 1:1 with recent swing. Set number of pips based on ATR or pair. Market structure concepts like supply and demand, fair value gaps, support and resistance and key levels.
Ideology (why it works)
1. Although I tend to believe most indicators are useless, RSI is probably the most used and respected one there is
2. The RSI 50 level on its own creates powerful entries..and then you add MTF analysis
3. One indicator on your chart keeps the system simple and lets you focus during the trade and not over fit other indicators into a simple and clear system
Main Concept (exemplified by screenshots)
Pay attention to how/when the RSI's cross together
Indicators:
M5 RSI - Length 14
M15 RSI - Length 14
