RSI V Pattern strategy by eemani123
By eemani123
Performance Metrics
- Author: eemani123
- Symbol: AMEX:SPY
- Timeframe: 1 day
- Net P&L: +2,217.73 USD (+22.18%)
- Win Rate: 89.5%
- Profit Factor: 4.154
- Max Drawdown: 193.60 USD (1.79%)
- Total Trades: 324
- Sharpe Ratio: −0.51
Description
May 17, 2020This strategy based on RSI for swing trading or short term trading Strategy Rules=============LONG1. ema20 is above ema50 --- candles are colored green on the chart2. RSI value sharply coming up previous candle1 low is previous candle2 low and previous candle1 RSI value is less than previous candle2 current candle RSI value is greater than previous candle1 and crossing above 30 above which makes a V shape on RSI indicator, colored in yellow on the chart , price bar is colored in yellow3. Enter Long when the above V pattern occurs EXIT LONG1. when the RSI reaches 70 , close half position and move stop loss to up 2. when RSI reaches high value 90, close 3/4 position3. when RSI crossing below 10 OR stopLoss hit , whichever happens first , close whole positionNote : take profit levels are colored in blue on RSI and Price candlesI have tested SPY , QQQ on daily chart , performance results are with 80% win rate and more than 3 profit factorHappy Trading May 17, 2020Release Notesbar color issue fixedon RSI , V pattern displayed