Today was the first day I used strategies other than price action. So I saw that the default 14-period RSI (1 min) was above 70. I checked that against the overall price action for the day and indeed it was quite high. I then waited for the RSI to drop below 60 (that's my indicator of enough downswing), then I went short, for a 2 pip limit. In 5 mins, the position was closed. Of course, an hour later, it was 8 pips lower, meaning I could have in fact made S$560. But hey, I have a plan, and I'm sticking to it.
Later in the day, I spotted an RSI (1 min) at 30. As it broke the 40 mark, I went long and bought 5 contracts with a 2 pip limit. However, because I know that the AUD/USD is at RSI 60+ (1 day), the larger overall trending is downwards. As such, I get kinda scared going long at this period in time. So when my position didn't close within 5 mins, I decided to close early at a S$50 profit, instead of waiting it out. Turns out about 20 mins later, I hit the level - but peace of mind is priceless eh.
Then at about 1700hrs, I spotted an RSI (1 min) at 70. As it broke the 60 mark, I went short and bought 5 contracts with a 2 pip limit. Am I starting to sound like a broken recorder? Well that's the point. At the same time, there was a candlestick confirmation of a trend reversal (doji with long black bar), so I was pretty confident, not to mention the RSI (1 day) hovering at 60+ 70 over the past 2 months. True enough at about 1730hrs, the position closed. Total earnings today S$328. Not too bad at all.
229 days to go.
Yours,
X
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