RIOMA Forex Scalping Strategy
Commodity Channel Index (CCI) can help traders identify trend change, overbought and oversold. The advanced type of RSI is called RSIOMA. With these 2 indicators combined, it can help scalpers in their decision when to enter or exit the positions. There are rules and settings that traders must follow in order to use this indicator effectively. Secondary indicators are also suggested for reference. The indicators that are needed here is as follows:
- 2 MA ( Moving Average ) = default
- Heiken Ashi = smoothed
- RSIOMA = default
- Double CCI Woody = default
- Spudfib
Rules for LONG entry:
- There must be a crossover between 2 MA.
- Double CCI woody must be green.
- RSIOMA must be greater than 65.
Rules for SHORT entry:
- There must be a crossover between 2 MA.
- Double CCI woody must be red.
- RSIOMA must be less than 35.
For those who are using RSI, this is the settings for LONG and SHORT entries:
LONG: There must be a crossover between 2 MA, double CCI woody must be green BUT RSI must be greater than 55.
SHORT: There must also be a crossover between 2 mA, double CCI woody must be red BUT RSI must be less than 45.
If you are using 1 minute timeframe, your TARGET PRICE must be 10 pips or Fibonacci level. Stop loss must also be 10 pips or when Heiken Ashi changed its color from green to red.
For 5 minute timeframe, your target price will be 15 pips or Fibonacci level and 12 pips stop loss or when heiken ashi changes its color from red to green.
Remember, it’s not good to trade within the news. Avoid trading within the news and never ever trade 30 minutes before and after the news.
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