38# Wilder's RSI Band Breakout.

Wilder's RSI Band Breakout is a trading system based on three indicators Bollinger Bands, BB Band stop and Wilder' RSI. The purpose of this strategy is to enter in the market when there is a trend, then there are two solutions:

1. follow the trend with BB Stop;

2. fast predetermine profit that depends by pairs and time frame.

This strategy is a variant of the classic Bollinger Bands Breakout.

This strategy is suitable for scalping, day trading and swing trading.

Note_: Wilder's RSI works best on divergences with Renko chart (see example below).

Time frame 5 min or higher.

Currency pairs: Majors more Indicies, Gold and Oil.

For 5 min time frame trading sessions;: London and New York.

Metatrader Indicators

Bands (20 period, deviation 2.0),

Money Dot

BB Stop (period 20, deviation 1.0),

Wilder RSI 12 period, close.

Trading Rules Wilder's RSI Band Breakout

Buy

Wilder RSI is above 70 level;

the price close out the upper band.

Make profit at the with money dot, with profit target predetermined or following the position with BB Band stop.

Place initial stop loss below the lower band.

Sell

Wilder RSI is below 30 level;

the price close out the lower band.

Make profit at the red money dot, with profit target predetermined or following the position with BB Band stop.

Place initial stop loss below the lower band.

Max two re-enters in same direction.

Wilder's RSI divergences on renko chart.

This trading method is discretionary only for experts.

The setting of BB Band stop is (20 period and deviation 2.0).

Box size 2 pips or higher.

Rules

Buy

Find the bullish divergences on Wilder's RSI.

Enter when BB band stop is in buy.

Sell

Find the bearish divergences on Wilder's RSI.

Enter when BB band stop is in sell.

In the pictures Wilder's RSI Band Breakout in action.

Share your opinion, can help everyone to understand the forex strategy.