RSI is a popular indicator among the traders. This strategy is based on rsi and alligator. These two indicators are normally used as trend indication. So with the help of these indicators, good signal can be generated effectively. From these strategy, you can get good signal easily.
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1) RSI indicator. click here to know, how to set RSI
2) Alligator indicator. click here to know, how to set Alligator indicator
You may download the full template for this trading strategy from the following link: Download Here
How to setup a Template:
Copy the Template >Open your mt4 terminal > Click files > Click "open data folder"> Click Templates> Paste the Template
How to get buy signal
First market price needs to cross alligator indicator to from lower to higher. At the same time RSI needs to cross 50 level in upward direction. If two conditions fulfill, then according to this strategy, it will be buy signal
Check the chart example of below picture. On first buy setup, a big bullish candle crossed alligator indicator and RSI was above 50 level. So this was good buy setup. This signal would give at least 60 pips.
On second buy setup, two buy conditions fulfill and traders would get around 50-60 pips from this buy setup.
How to get Sell signal
First market price needs to cross alligator indicator to from higher to lower. At the same time RSI needs to cross 50 level in downward direction. If two conditions fulfill, then according to this strategy, it will be sell signal
Check the chart example of below picture, on first sell setup, candle started to break alligator indicator. RSI was below 50 level and this is good sell setup. Traders would get 60 pips from this signal.
On the second sell setup, market price broke alligator and RSI was below 50 level. So this is another sell setup and traders would get 50-60 pips from this setup
Preferred Time frame: H1, H4 is preferable.
Currency pairs: All pairs.
Take profit and Stop loss:Take profit should be based on time frame. Minimum take profit 30 pips, you can target 50-80 pips profit.
Stop loss need to be placed above swing high for sell signal and below swing low for buy signal.
Risk warning: You need to avoid ranging market during following this strategy. You have to follow money management theory for following this trendy strategy. Before using this strategy, you should practice this on demo account.