This is a typical trend following forex strategy designed for the 4 hour charts. You can use it on the most popular currency pairs.
The rules are very easy to understand. Good luck!
Chart Setup
Indicators: SuperTrend, Relative Strength Index (RSI), Fisher
Time frame(s): 4 Hour Chart
Trading sessions: All
Currency pairs: USD/JPY, GBP/USD, AUD/USD, EUR/USD, USD/CHF, USD/CAD
Download
Download the 4 Hour RSI SuperTrend Strategy for Metatrader 4.
USD/JPY 4 Hour Chart Example
Trading Rules
Buy Conditions:
- Supertrend line must be green (uptrending market)
- RSI(14) touches 70 level
- Fisher green (bullish trend confirmation
- ===>> Enter BUY trade
Place a 75 pip stop-loss and 100 pip price objective. Important: Always exit buy trade when the Supertrend indicator changes from green to red color.
Trade result: The USD/JPY 4 hour chart provided us with 4 signals, 2 buys and 2 sells for a total profit of 125 pips. The last sell trade is still open.
Sell Conditions:
- Supertrend line must be red (downtrending market)
- RSI(14) touches 30 level
- Fisher red (bearish trend confirmation
- ===>> Enter SELL trade
Place a 75 pip stop-loss and 100 pip price objective. Important: Always exit sell trade when the Supertrend indicator changes from red to green color.