Many hours of YouTube later, I'm pretty fixed on my new strategy. RSI-1mins are way too volatile. So I've stopped trading off that time frame. I stick to RSI-15min and above to trigger my trades.
Firstly though, I will determine the direction for the day. This depends on the slope of the MA6 1-day time-frame. Upward buy, downward sell. Then I'll check the economic calender to see if there any times I should be aware of to watch for slippage.
Next my price entry would be at the MA6 mark. If it doesn't hit, then I wouldn't trade. Or I could use the RSI-30/70 15MINS/1HR as the indicator.
And that's pretty much it.
The idea that big institutions eat up your stop losses is also a big change to my strategy. This accounts for the crazy spikes when you least expect it, which then return to their original price points. With the MA6 direction of the day, I keep my emotions in check and wait out the trade. I only close out or hedge if the MA6 changes direction that day.
So far this has helped me recoup $700 in losses and I'm now $190 up off a $5000 account. Let's see where this takes us!
Yours,
X
