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RSI Cross Alert Forex Scalping Strategy
This is a scalping strategy that works on any currency pairs and is useful in a 15 minute timeframe. This system focuses on the RSI cross alert which is the combination of fast and slow RSI. This indicator is supported by EMA or exponential moving average. This is also a trend following system. Trade only in the direction of the trend.
Metatrader Indicators:
- RSI Cross alert:
- fast RSI (5 period), slow RSI (14 period)
- EMA 200
Buy Entry:
- UPTREND: Price is greater than EMA 200.
- RSI Green vertical line.
Sell Entry:
- UPTREND: Price is less than EMA 200.
- RSI Red vertical line.
Exit Position:
- Quick take profit.
- Place stop loss at 10-15 pips.
Profit Target for pairs:
- AUDUSD and USDCHF at 7 pips profit target and stop loss 10 pips.
- EURUSD at 8 pips profit target and stop loss 12 pips.
- GBPUSD at 10 pips profit target and stop loss 15 pips.
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