During range/downtrend...
RSI levels to watch are 60.70/32.10
Support/resistance/trendline
Candlestick pattern.
Only think about short here...
In uptrend
RSI levels to watch are (70-80)/40
Support/resistance/trendline
Candlestick pattern.
Only think about long here
If you have Marubozo (railroad tracks) as reversal, place buy/sell order at 50% of the candle range (Point A int the chart). In other cases, place it at other end (open/close) of the candle.
When RSI touches 20 on 1hr chart, we are in downtrend
When RSI touches 70 and above, we are in uptrend.
Guidelines:
1. Initial stop loss would be 50 pips. Once the price move 30 pips in favor, move the stop loss to break-even, considering target is 50 pips in profit.
2. Once the trade goes to 30 pips in favor, move the stop loss to break even (#1) (+1,0)
3. First day of the trade should be in the direction of recent strong trend (+1,0)
4. Wait for RSI and candlestick reversal pattern before taking a trade.
5. Draw trendlines, support/resistance, fib level, pivot levels on chart in advance.
6. When RSI reaches OB/OS, watch out break of recent trendline on 5 mins chart and enter trade.
7. Have plan for 'what if I am wrong' situations.
8. Monthly pivot points have strength
9. You can take RSI strategy if the setup is correct even when you are going into weekend closure. (#1)
10. Close the trade if the trade did not work out in the estimated time period
Rule Scores
Rules:
1. Don't chase the price.
2. When RSI is in oversold area and the price is near trendline support or any other support, do not short and vice verse (+1,0).
3. Do not take trade against the trend (+1,0)
4. Be aware of news announcements.
Rules to remember:
1. Forget the news, remember the charts
2. But the first pullback from new highs, sell the pullback from new low. There's always a crowd that missed the first boat.
3. Short rallies not selloffs. When markets drop, shorts finally turn a profit and get ready to cover.
4. Don't buy up into a major moving average or sell down into one
5. Sell the second high, buy the second low. After sharp pullbacks, the first test of any high or low always runs into resistance. Look for the break on the third or fourth try.
6. Bulls live above the 200 day, bears live below. Sellers eat up rallies below this key moving average line and buyers to come to the rescue above it.
7. Never overtrade no matter how confident you are and no matter how long your winning streak is.
8. Never add to loosing position
9. Prepare a game plan and stick to it
RSI levels to watch are 60.70/32.10
Support/resistance/trendline
Candlestick pattern.
Only think about short here...
 |
| 1hr chart |
RSI levels to watch are (70-80)/40
Support/resistance/trendline
Candlestick pattern.
Only think about long here
If you have Marubozo (railroad tracks) as reversal, place buy/sell order at 50% of the candle range (Point A int the chart). In other cases, place it at other end (open/close) of the candle.
When RSI touches 20 on 1hr chart, we are in downtrend
When RSI touches 70 and above, we are in uptrend.
Guidelines:
1. Initial stop loss would be 50 pips. Once the price move 30 pips in favor, move the stop loss to break-even, considering target is 50 pips in profit.
2. Once the trade goes to 30 pips in favor, move the stop loss to break even (#1) (+1,0)
3. First day of the trade should be in the direction of recent strong trend (+1,0)
4. Wait for RSI and candlestick reversal pattern before taking a trade.
5. Draw trendlines, support/resistance, fib level, pivot levels on chart in advance.
6. When RSI reaches OB/OS, watch out break of recent trendline on 5 mins chart and enter trade.
7. Have plan for 'what if I am wrong' situations.
8. Monthly pivot points have strength
9. You can take RSI strategy if the setup is correct even when you are going into weekend closure. (#1)
10. Close the trade if the trade did not work out in the estimated time period
Rule Scores
Rules:
1. Don't chase the price.
2. When RSI is in oversold area and the price is near trendline support or any other support, do not short and vice verse (+1,0).
3. Do not take trade against the trend (+1,0)
4. Be aware of news announcements.
Rules to remember:
1. Forget the news, remember the charts
2. But the first pullback from new highs, sell the pullback from new low. There's always a crowd that missed the first boat.
3. Short rallies not selloffs. When markets drop, shorts finally turn a profit and get ready to cover.
4. Don't buy up into a major moving average or sell down into one
5. Sell the second high, buy the second low. After sharp pullbacks, the first test of any high or low always runs into resistance. Look for the break on the third or fourth try.
6. Bulls live above the 200 day, bears live below. Sellers eat up rallies below this key moving average line and buyers to come to the rescue above it.
7. Never overtrade no matter how confident you are and no matter how long your winning streak is.
8. Never add to loosing position
9. Prepare a game plan and stick to it
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