Easy RSI Trading

Hi FF members,

Besides my usual trading I try to find an indicator based system with easy rules.
what do you think about the following system:

Buy:

RSI(14) > 55 (Daily) &
RSI(14) crossing 30 upwards (M15)

Sell:

RSI(14) < 45 (Daily) &
RSI(14) crossing 70 downwards (M15)

I am not quite sure about TPs and SLs. Maybe some kind of 2x (or 3x) ATR value would be reasonable.

Daily EURAUD is over 55:



Entries on M15 crossing 30:

Hello,

You may be interested Candles RSI.
And it tells you the input and output

This letter is with RSI Period 14, up 1



This letter is with RSI Period 50, up 1

Me too, Hoffi, but I have never succeeded... but if you can resist the urge to add anything extra, be patient and stick to solid rules with at least 2R targets, this might work long-term.

In the meantime, my bread & butter is day-trading pullbacks in the trend : Flag Trading the Trend is the reference thread here (even though I do something just a little bit different).

When looking at indicator based methods, my "yardstick" is to compare with 60minuteman's very simple & indicator-free Flow Trading methods, the latest incarnation of which is http://www.forexfactory.com/showthread.php?t=555261. So far, 60 always wins ...

Interesting that neither Divergence nor 60 use any indicators... price action rules, right ?

I guess it's the KISS principle at work, but I like RSI & it used to be my favourite indi, so good luck.

Thanks, I will have a look!

Simple approach. Interested in the thread development

I'm in.