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