Forex millionaire RSI indicator is a trend momentum trading strategy based only on two forex indicators one of trend direction (based on smooth moving averages) and one of timing based on forex RSI. The idea of this trading strategy comes from binary options strategies. Forex Millionaire RSI is also suitable for day trading.
The Forex Millionaire indicator can only use for 1 min timeframe. Buy green color dots (entry on retracement), sell red color dots entry on the retracement of the price.
- TimeFrame 1 min, 5 min, 15 min.
- Currency pairs minors and Majors
- Chart Sessions: London and New York.
Metatrader 4 Forex indicators:
- Forex Millionaire MT4 Indicator
- RSI Signal, period 7 (30, 70) timing of entry.
Trend Momentum Trading Strategy
- Trades only in the direction of the chart trend:
- Trend up= Green color dots
- Trend down = Red color dots
Trading rules Forex Millionaire RSI indicator 5 min or higher.
Buy
Green color dots +Arrow buy of RSI signal.
Sell
Red color dots + arrow sell of RSI signal
Exit
Place initial stop loss(SL) n.pips above below the entry bar.
Exit position at the opposite arrow, with predetermined profit target, close all opened positions when forex Millionaire indicator changes direction.
Trading rules Forex Millionaire 1 min chart scalping
You can use this method as another timeframe.
Buy
You can use Fibonacci retracement for green dots, an entry in the market at the first retracement of the price.
Sell
You can use Fibonacci retracement with red dots, an entry in the market at the first retracement of the price.
Exit
Exit position when Forex Millionaire indicator changes direction or with predetermined profit target that depends on currency pairs and volatility of the pair (for example, EUR/USD 10 pips, USD/JPY 12 pips, EUR/JPY 13 pips, GBP/USD 15 pips.)
Both methods have good profitability and are thriving.
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In the pictures, Forex Millionaire RSI is in action.
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