The following Things are used in this strategy
1⃣ Triple RSI indicator - to filter
2⃣ 50 EMA - to identify the trend and dynamic support/resistance
3⃣ ADX - to identify the strength behind the trend
4⃣ Time frame to be used is 15 min
1⃣ Triple RSI indicator - to filter
2⃣ 50 EMA - to identify the trend and dynamic support/resistance
3⃣ ADX - to identify the strength behind the trend
4⃣ Time frame to be used is 15 min
How to use triple RSI in strategy
1⃣ On #TradingView apply triple RSI indicator
2⃣ +ve signal if redline crossing up
3⃣ Bullish trades only when all the lines above 50
4⃣ Trade to be initiated by using support
1⃣ On #TradingView apply triple RSI indicator
2⃣ +ve signal if redline crossing up
3⃣ Bullish trades only when all the lines above 50
4⃣ Trade to be initiated by using support
Use of 50 ema
1⃣ if the stock is trading above 50 ema look only for bullish trades
2⃣ 50 ema can also be used as dynamic support
3⃣ If Triple RSI conditions are already full-filled then can directly trade on price crossing above 50 ema
1⃣ if the stock is trading above 50 ema look only for bullish trades
2⃣ 50 ema can also be used as dynamic support
3⃣ If Triple RSI conditions are already full-filled then can directly trade on price crossing above 50 ema
Using Adx to identify the strength
1⃣ If value of adx is below 20 no trade
2⃣ Value of adx should be above 20 and rising for a strong trend
3⃣Value of adx should be above 20 and falling for a weak trend
1⃣ If value of adx is below 20 no trade
2⃣ Value of adx should be above 20 and rising for a strong trend
3⃣Value of adx should be above 20 and falling for a weak trend
Combining Everything for taking a bullish trade
Example 1⃣
🟢Profit booking could be done when price closes 2% below the 50 ema
🟢This example explains bullish trade for a trend reversal
Example 1⃣
🟢Profit booking could be done when price closes 2% below the 50 ema
🟢This example explains bullish trade for a trend reversal
example 2⃣
🟢Triple RSI condition crossover and above 50 gets satisfied together
🟢Price is also above 50 ema
🟢Entry should be taken when price tries to take support near the 50 ema.
🟢Profit booking and stop loss conditions remains same as above
🟢Triple RSI condition crossover and above 50 gets satisfied together
🟢Price is also above 50 ema
🟢Entry should be taken when price tries to take support near the 50 ema.
🟢Profit booking and stop loss conditions remains same as above
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