Thanks for your visit!
For those who shorted AUDUSD rally again, it dropped about 55 pips from 0.8870 straight down to 0.8815.
Let me tell you something short
With this system, I have fewer trades. Yes, opportunities may come when I am not watching at all. But use your market feeling when a big move happens, and after a big move make sure you check charts for any OB or OS pair.
At this time, I do not know the risks of increasing pip value. As the pair goes into more and more extreme. But this is something we should test.
I want to make it as simple as possible
It is very easy to call for a correction when a pair trends into overbought or oversold area. By backtesting charts, it seems that 30 and 70 levels are really not the best levels for your decision. So make it 20 and 80. with little room above 80 and under 20. 80-85, 20-15.
Put in your mind, that some crosses can have a 90 rsi reading like EURCAD just recently, before dropping 1600 pips. So the drawdawn was 600 pips before you make profit.
So we need an indicator or something, I really do not know coding.
The indicator can simply show to us the RSI values for some pairs in certain timeframes without watching chart all time. and for example give a sound alert when a value exceeds 80 or 20 on the first check.
From my experience with this type of trading, it's agressive and it's against the trend. you offset this with smaller lots.
I will try to increase the pip value and tell you the results!
Cheers