ilmscore | RSI Strategy - Trend Continuation (Bearish) Predictions
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A bearish trend continuation strategy uses a 7-period RSI. Conditions are: price below the 50-period moving average, the 7-period RSI going below 30 (oversold), and a pullback to the latest level of structure that was broken. Entry is signaled by selling pressure (e.g., a convincing red candle) at this structure level. Stop loss is placed above the swing high, and targets are at previous structure levels. The strategy can also be enhanced by looking for RSI divergence in oversold territory.
"here's the trade on the dollar canada we were just looking at as you can see we are still actually i..."
Sep 30, 2021
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