The second indicator is RSI at the default settings. The RSI indicator is one of the unique oscillators that closely depicts the short term turns in prices with near accuracy.
I use a similar system I found on this website: The Profit All Day System. How Works What we are looking for between these times is for price to move above the upper or lower Bollinger Bands and RSI raise above the 70 line or below the 30 line at the same time. This is a discussion on Scalping with RSI within the Discretionary Trading forums, part of the Methods category; I' m scalping these days only with RSI( 2) and RSI( 14) in 1 min chart Buyin' at RSI( 14) is under 25 Over. Here is a simple scalping strategy on the one minute chart.
How To Use RSI The Relative Strength Index ( RSI) is one of the most powerful indicators you can use in both your forex scalping strategy and your normal trading strategy especially if you’ re interested in technical analysis, however, the tricky thing is using it correctly. Do not scalp 30 minutes before a orange or red news report and not for a hour afterwards.
The idea behind this scalping strategy is to catch the short wave retracements that take place when the market reaches a peak overbought or oversold state. I would also look for S/ R levels and observe price action and the shape of closing candlesticks.
It is best applied to ranges. RSI Scalping Strategy.