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RSI(14): The Way to Success...

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In earlier posts I've shown a strategy of using the RSI(14) as a trigger to enter trades when it reaches extremes of 30/70. What I didn't realize until reading an old article by J. Welles Wilder, the creator of the RSI indicator, was that it was developed by him as a divergence indication of price and strength of RSI signal. I have been trading this signal with 5-min charts on EUR/JPY and GBP/JPY and it has been incredible. The idea is that you have to combine the divergent RSI with another solid support or resistance level such as monthly/weekly/daily high/low, daily pivot, S/R pivots, round number or fib level. Here are a couple of examples:
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Cable to the Rescue...

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During an incredibly slow Asian session I was fortunate enough to find this little nugget. A nice short entry off a lower high at the weekly high. Inside bar on the 5m chart was my signal. Price sat there not moving for nearly three minutes then dropped very quickly.
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Hedge Fund Currency Trader Tips For Finding Trades

Tips from Art K. Hedge fund currency trader trader gives some tips on how he goes about finding high value / lower risk trades. (circa 2008)  Here are some ideas from Art K. as to how to go about preparing to find a good, high probability entry. He's a serious hedge fund pro.: One of my regular (technical) port of calls is to the Dollar Index to see what that’s up to. It’ll offer a snapshot of $ weakness v/s strength. You might then choose to cherry pick your candidate of choice if it's playing ball & quickly then proceed to leaf through the appropriate pairs to adjudge a likely opportunity. For instance, if the buck is weak v/s the basket, I’d want to be homing in on the candidate which is displaying the dominant & aggressive behavior patterns.  If it’s the Pound, then I’ll trail through the cross instruments associated with the Pound to locate whether it’s also a Pound story (of strength) or exclusive to the buck. I’m always on the hunt for value v/s ...
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