Working Concept -Strong starting point for a strategy. Add or remove any component to create a more profitable system.
RSI - Period: 14 - (OB:70 | OS:30)
Draw mini trendlines inside the RSI or if you have TradingView use this indicator: RSI Trendlines with Breakouts
Trendlines should have a minimum of two touches
Trendline break should be the same bar the RSI cross OB/OS level
Enter a long position if RSI is below the oversold level (30) and closes back above the overbought level (30) AND breaks a trendline
Enter a short position if RSI is above the overbought level (70) and closes back below the overbought level (70) AND breaks a trendline
Exit long position when RSI reaches overbought level
Exit short position when RSI reaches oversold level
or
Exit at 1:1 with recent swing as stop loss
RSI - Period: 14 - (OB:70 | OS:30)
Draw mini trendlines inside the RSI or if you have TradingView use this indicator: RSI Trendlines with Breakouts
Trendlines should have a minimum of two touches
Trendline break should be the same bar the RSI cross OB/OS level
Enter a long position if RSI is below the oversold level (30) and closes back above the overbought level (30) AND breaks a trendline
Enter a short position if RSI is above the overbought level (70) and closes back below the overbought level (70) AND breaks a trendline
Exit long position when RSI reaches overbought level
Exit short position when RSI reaches oversold level
or
Exit at 1:1 with recent swing as stop loss
Can't go broke making profit