Self adjusting RSI is a forex trading indicator. It is an indicator developed for the intermediate level of traders as this indicator is somehow advanced. The Self adjusting RSI indicator is an oscillator based trading indicator. The Self Adjusting RSI indicator can be used in trending market conditions as well as in sideways market conditions. This forex trading indicator is more concerned with catching the up and down swings of the market rather than riding the trend for the longer period of time. The amount of pips you want to grab depends upon the timeframe you choose to trade. When you trade in smaller timeframe with this system you gain small and when you increase the timeframe you gain bigger.
When you install Self adjusting RSI indicator in your trading platform, your chart should look like this:
- Self adjusting RSI
Self adjusting RSI indicator consists of two bands moving horizontally and an oscillator which fluctuates within the range of the two bands. The upper oscillator (red) works as a resistance, you should be selling when the blue oscillator touches it. When the blue oscillator touches the lower oscillator (green), you should be looking for buying.
Buying Conditions Using Self Adjusting RSI.
- The blue oscillator of Self adjusting RSI indicator should rise from the green band.
- Market should be around swing low.
- Place your long position as soon as above conditions are met.
- Place your stop loss just below the recent swing low.
- Take your profit when the blue oscillator of Self adjusting RSI indicator touches red band.
Selling Conditions Using Self Adjusting RSI.
- The blue oscillator of Self adjusting RSI indicator should fall from the red band.
- Market should be around swing high.
- Place your short position as soon as above conditions are met.
- Place your stop loss just above the recent swing high.
- Take your profit when the blue oscillator of Self adjusting RSI indicator touches green
Download Free Forex Self Adjusting RSI Indicator
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