The BEST & Most AGGRESSIVE RSI Setting For SCALPING & SWING TRADING – Trading Candlestick Patterns With RSI

Trading Candlestick Patterns With RSI. As a trader, we have many things to analyze at any given time. If you take too long to decide whether it’s time to enter into a trade because of your complicated entry rules, it might mean a missed opportunity for you.

But what if you had a simple way of knowing exactly when to get in and out of your trade without any complicated analysis?

Then you want to consider this strategy, “TRADING CANDLESTICK PATTERNS WITH RSI Divergence Indicator”. Because RSI is more way better than stochastic when it comes to divergence detection. It generates less signals but very high accuracy.

 

• Download “ForexWOT-RSIdivergence” (Zip/RAR File).
• Copy mq4 and ex4 files to your Metatrader Directory …/experts/indicators/
• Copy the “ForexWOT-RSIdivergence.tpl” file (template) to your Metatrader Directory …/templates /
• Start or restart your Metatrader Client.
• Select Chart and Timeframe where you want to test your forex system.
• Right-click on your trading chart and hover on “Template”.
• Move right to select “ForexWOT-RSIdivergence” trading system and strategy.
• You will see the “RSI Divergence Trading System” is available on your Chart.

 

• Step #1: Bullish RSI divergence between the 5-period RSI and price action. in this strategy, 5-period is The BEST & Most AGGRESSIVE RSI Setting For SCALPING and SWING TRADING.
• Step #2: Enter a long position with a bullish candlestick pattern when the RSI line is rising above 50 level.

 

Stop Loss Strategy

• If you are going long, the stop loss is placed just below the bottom of the consolidation from which you are entering long from.

 

• Step #1: Bearish RSI divergence between the 5-period RSI and price action.
• Step #2: Enter a short position with a bearish candlestick pattern when the RSI line is falling below 50 level.

 

Stop Loss Strategy

• If you are going short, the stop loss is placed just above the top of the consolidation from which you are entering the short from.

 

• In losing trades, there’s usually one of two issues.
  • We got the context wrong, or
  • we got the timing wrong.
• In such situations, the key is to ensure proper risk control and a plan to re-enter if possible. The candlestick pattern offered a neat stop-loss level that helped with risk control.