Long when daily RSI 14 goes over 60. Close when daily rsi goes under 40 . Simple yet powerfully accurate in the past. Just gave a signal to go long in btc after closing position near 60k .
See previous 60/ 40 post for full description of implementation and concept of the RSI 60/ 40 strategy.
Other helpful indicator on this chart:
-Reverse RSI (white lines) are a great free indicator here on TV that calculates the closing price needed to reach a specific reading on the RSI . Since I am interested in 60/ 40 then the white lines represent 60/ 40 readings on the RSI .
-SSL Matrix (red Lines) best trend following indicator free here on Trading view. (mine is modified from the norm a bit). This shows bullish when price closes above the average high of (x) number of previous candles. Flips bearish only when price closes below the average low of (x) number of previous candles.
Trade closed: stop reached
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Market flips to bearish trend on whipsaw signal. . rough but that is the risk you take either you win big or lose small. That is the point of a good trend trading system. . Long term bulls will have to wait for the trend to change again.