This is a simple yet effective strategy that offers great risk to reward ratios and a good strike rate.
The RSI is heavily oversold so I am looking for a buy signal and an inverted hammer has been completed. This is enough reason for me to enter the trade...
# RSI oversold so looking to buy
# Buy signal printed (inverted hammer)
I have bought at market price 1.11358
# Stop loss below the buy signal at 1.11129 and
# Take profit at the next resistance level @ 1.11912
As usual don't bet the farm, good risk management won't kill you but the lack thereof could :)
Follow me in Forex Bootcamp using the Telegram link below for real time updates
The RSI is heavily oversold so I am looking for a buy signal and an inverted hammer has been completed. This is enough reason for me to enter the trade...
# RSI oversold so looking to buy
# Buy signal printed (inverted hammer)
I have bought at market price 1.11358
# Stop loss below the buy signal at 1.11129 and
# Take profit at the next resistance level @ 1.11912
As usual don't bet the farm, good risk management won't kill you but the lack thereof could :)
Follow me in Forex Bootcamp using the Telegram link below for real time updates
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.