My strategy works well on the pair EURJPY and uses 2 indicators: it is
based on the well-known RSI (Relative Strength Index) and the SMA
(Simple Moving Average).
The RSI is used to determine when the market is oversold or
overbought, and the strategy uses RSI’s default 70 overbought and
oversold 30 lines to determine trade orders direction.
The parameter settings are:
RSI indicator chart period is 10 and the Time period setting 10
SMA indicator chart period is 10 and the Time period setting is 10.
The strategy runs in the 10 Minutes Chart Period
When the trend price is below SMA and RSI is below 30 Line a BUY Order
is placed and when the price is above the SMA and the RSI is over the
70 Line a SELL Order is placed.
The Stop Limit is 150 pips and the Target Limit is 21 pips, and the
size volume of the orders is set to 5 Million
The Strategy checks for open positions before trying to place a Market
Order