The mobile-based trend momentum forex strategy utilizes the RSI oscillator in conjunction with a cluster of Moving Averages, incorporating an exponential moving average channel as a filter on the primary chart.
This particular trading strategy is recommended for currency pairs such as GBP/USD, GBP/JPY, EUR/AUD, EUR/NZD, GBP/CAD, and is well-suited for Nasdaq Tec and Vix Index trading.
Creating the template involves a step-by-step process of setting up indicators on the main chart for reference, which can be visualized in the provided video.
Trading Rules for Extreme Overbought and Oversold RSI:
Buy Entry:
The cluster of RSI moving averages touches or falls below the oversold level of 8 on the RSI.
The primary moving averages, with a period of at least 11, cross upwards over the 34-period moving average.
On the main chart, the price closes above the exponential moving average channel.
Sell Entry:
The group of RSI moving averages touches or goes above the overbought level of 92 on the RSI.
The primary moving averages, with a period of at least 11, cross downwards the 34-period moving average.
On the main chart, the price closes below the exponential moving average channel.
Exiting Positions:
Place the initial stop loss above/below the previous swing high/low.
Aim for a profit target with a minimum ratio of 1:1 compared to the stop loss.
Additional Tips:
Position the chart centrally on the smartphone screen to receive accurate signals.
Set the horizontal view option to the left of the screen for better visibility.
This mobile-based forex strategy combines RSI oscillators, moving averages, and an exponential moving average channel filter to identify potential entry and exit points. By adhering to the prescribed rules, traders can make informed decisions regarding buy and sell entries, allowing for effective risk management through stop losses and profit targets. The strategy's compatibility with mobile devices offers traders an accessible and structured approach to trading in the mentioned currency pairs and indices.
Trade Examples:
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