RSI Rollercoaster

Has Anyone Used Boris Schlossbergs (rsi Rollercoaster) Before...it Creates Buy Signal Once Rsi Goes Below 30 Then Once A Candle Close Above 30 Enter Position..creates Sell Signal Once Rsi Goes Above 70 Then Once A Candle Close Below 70 Enter Position...

If U Hv Used This Strategy How Has It Worked & What Timeframe Did U Use

IT HAS WORKED VERY WELL SO FAR I'M JUST WONDERING IS ANYONE ELSE IS USING IT OR HAVE

Would you please post a chart showing exactly how this works?

while "usable" as a trade, usually the amount you will get is not worth the effort as you enter and exit at the same place --- something sounds very wrong as you should exit BEFORE the price reaches your entry point.

mp

Rules for a Long Trade

1. <LI itxtvisited="1">RSI reading must be less than 30. <LI itxtvisited="1">Wait for an up candle to form and close with an RSI reading of greater than 30. <LI itxtvisited="1">Go long at market on the open of the next candle. <LI itxtvisited="1">Place your stop at the swing low. <LI itxtvisited="1">Exit half of the position at 50% of the risk and immediately move the stop on the rest to breakeven. <LI itxtvisited="1">Exit the rest of the position when one of the following conditions is met:
   1. Stopped at breakeven.
   2. Trade first moves into overbought territory marked by an RSI readings of greater than 70 and then eventually drops from that zone. As soon as RSI declines below 70, sell at market on the close of that candle.

FROM INVESTOPEDIA STRATEGY OF BORIS SCHLOSSBERG