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EURAUD PROFIT

15th March 2019 contacttf

The relative strength index (RSI) is most commonly used to indicate temporary overbought or oversold conditions in a market. An intraday forex trading strategy can be devised to take advantage of indications from the RSI that a market is overextended and therefore likely to retrace.

Trade entry taken based on price hovering near the support line.

The trade was closed based on the Ichimoku resistance line.

I was a little apprehensive about the Ichimoku Kumo having a flat line profile.

Trade worked, this time.

The Ichimoku Cloud, also known as Ichimoku Kinko Hyo, is a versatile indicator that defines support and resistance, identifies trend direction, gauges momentum and provides trading signals. Ichimoku Kinko Hyo translates into “one look equilibrium chart”.