(Bpb = Buy PullBack, Bbr = Buy BReak)
Chart is on 30 minute.
Download the RSI divergence routine from my blog – you’ll find it under the posted articles.
Set the period to 16 and adjust two of the fixed lines, the 77 to 73 and the 23 to 26.
Dowload the _Primary_Secondary routine as well.
The logic behind the label is the following. It will look for the last buy/sell signal. If it is a buy, it will suggest a primary buy at or below the latest 30-min Weight minus 12 pips, which would be the preferred value for a pullback, and a secondary, break out entry to add to a position or if you missed the first turn.
You can then hold safely until the 3rd high RSI read (above 73).
On the above picture you can see that there were 2 more opportuinities to enter at the high base, again at/around the green line and the add on at the red one. You will not have the plots, but you would see the numbers and the direction in a form of a label.
Just the opposite would be true for the sell side.
You should be able to get away with a 20-pip stop for the most part, and I think that’s pretty awesome…