Easy Intraday Strategy Candlestick Patterns + RSI

Telegram FX Signals – There are a lot of valuable strategies that require the knowledge of candlestick patterns and oscillators. However, not of them are profitable. When you start trading with them, you can face situations when the strategy is not moving your way. That’s what happens when you don’t do a thorough checkup of your trading strategy. Luckily, we backtested several strategies based on a combination of oscillators and candlestick patterns and chose the best one for you! Please welcome – the RSI and Bullish/Bearish Engulfing Pattern Strategy!

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Strategy Setups

Instruments: EURUSD

Indicators: RSI with 11^th period

Timeframe: H4

Risk management rules: Fixed trade volume with 0.1 lot

Rules for a long entry

1. Wait for a formation of the Bullish Engulfing pattern. This is the reversal pattern that forms at the end of the downtrend. It consists of a small red candlestick and a large green candlestick that engulfs the red one. The shadows of the small candlestick are short.

Easy Intraday Strategy Candlestick Patterns + RSI

There are a lot of valuable strategies that require the knowledge of candlestick patterns and oscillators. However, not of them are profitable. When you start trading with them, you can face situations when the strategy is not moving your way. That’s what happens when you don’t do a thorough checkup of your trading strategy. Luckily, we backtested several strategies based on a combination of oscillators and candlestick patterns and chose the best one for you! Please welcome – the RSI and Bullish/Bearish Engulfing Pattern Strategy!

Strategy Setups
Instruments: EURUSD

Indicators: RSI with 11th period

Free Intraday Tips for Traders

Risk management rules: Fixed trade volume with 0.1 lot

Rules for a long entry
1. Wait for a formation of the Bullish Engulfing pattern. This is the reversal pattern that forms at the end of the downtrend. It consists of a small red candlestick and a large green candlestick that engulfs the red one. The shadows of the small candlestick are short. candlestick trading

Easy Intraday Strategy Candlestick Patterns + RSI

On the picture above you can see an example of this strategy on the H1 timeframe of the EURUSD chart.

After the price formed a pattern known as the Bullish engulfing, we checked RSI and it was moving below the 40 level.

Rules for a short entry

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1. Wait for a formation of the Bearish Engulfing pattern. It consists of a small green candlestick followed by the big red one.

Easy Intraday Strategy Candlestick Patterns + RSI