Description:
Use 1H chart on GBP/JPY with Stoch(5,3,3) and RSI(7). The idea is this ...use Stoch and RSI just to define where it is possible to have a breakout. Then use most profitable tool ever – simple candlesticks. If you have strong down trend and Stoch and RSI are oversold, and we have up trend candle (black candle) close at the middle of the last (in this case black one) enter a trade. You are getting 3 signals to confirm your entry – isn’t it great!?
Some people reports: With this system make more than 1500 pip only from GBP/JPY for week. (Use it just for GBP/JPY)
1 – RSI oversold 2 - Stoch oversold 3 - candle (black candle) close at the middle of the last one in opposite direction.
Buy/Sell rules Sell when RSI and Stoch are bought or they are close to overbought (75) line, and we have down candle which has closed at least at the middle of the last up candle.
Buy when we have oversold RSI and Stoch and we have up candle which has closed at the middle of the last down one.
Exit rules if we are in a sell trade and ... we have oversold RSI and Stoch and we see this up candle which has closed at 50% of the last down one - exit and enter another trade.
Stop loss: Place a stop loss 3 pips below your signaling candlestick – in this case figure #3 – see screenshot above.
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