faster moving average that has crossed above a slower moving average. A bearish trend would follow the exact opposite. Indicators Tools, the system uses the following indicators and tools: EMA 5; SMA 5, SMA 21, RSI 5, Fractals and Trendlines. The RSI 5 is below the 21 SMA.
It should be drawn from the point where the 5 EMA and 5 SMA crossed to the highest high or lowest low of the previous day. The stop loss is set at the previous days high. The conditions for one of the following options must be met. Sometimes you will find that you cannot use the high or low of the previous day as price may have already passed these levels. There are many ways in which to use the RSI, but for this system, we will apply a 21 period SMA on top of it so we can have a better idea of the trend. Descending orientation, on H1 we continue to consider an input in shorts from top. Candlestick Patterns The system also utilizes basic candlestick patterns, which are: Bullish/Bearish Engulfing Pattern, Hammer, and Inverted Hammer candlestick patterns.
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