Description

Trend Magic RSI Forex Trading Strategy

Original website: https://brandonfullers.wordpress.com/2021/05/31/trend-magic-rsi-forex-trading-strategy/

Content: Indicators: Flat Trend RSI.ex4, Trend Magic.ex4, Template: TMRSI.tpl, How to install MT4 files.pdf

Trend Magic RSI Forex Trading Strategy

 

Buy Trade Setup

Entry

• Price should cross above the Trend Magic indicator line
• A bullish momentum candle should be observable
• The Trend Magic indicator should change to color blue indicating bullish trend reversal
• The RSI Filter should change from printing negative bars to positive bars indicating a bullish trend reversal based on momentum
• These bullish trend reversal signals should be closely aligned
• Enter a buy order on the confluence of the above conditions

Stop Loss

• Set the stop loss on the support level below the entry candle

Exit

• Close the trade as soon as the Trend Magic indicator line changes to red
• Close the trade as soon as the RSI Filter bars becomes negative

 

Sell Trade Setup

Entry

• Price should cross below the Trend Magic indicator line
• A bearish momentum candle should be observable
• The Trend Magic indicator should change to color red indicating bearish trend reversal
• The RSI Filter should change from printing positive bars to negative bars indicating a brearish trend reversal based on momentum
• These bearish trend reversal signals should be closely aligned
• Enter a sell order on the confluence of the above conditions

Stop Loss

• Set the stop loss on the resistance level above the entry candle

Exit

• Close the trade as soon as the Trend Magic indicator line changes to blue
• Close the trade as soon as the RSI Filter bars becomes positive