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The Raphael Simple Strategy Review

Now, this is a strategy that aims at using a higher level time frame in combination with a lower level time frame to capture stronger points of support and resistant in a currency pair.  The higher level time frame provides strong support and resistance levels, while a 15 minute time frame provides entry and exit points on the smaller trend that is between these levels.  The idea is to combine support and resistance levels with trend following systems to provide a clean system for the trader for an entry and exit of a position.

What We Need

In order to start the analysis, we need 4 basic tools on our screen.  First, we need a larger time frame chart, typically a 1 hour or 4 hour chart. Second, we need a lower time frame, such as a 15 minute chart.  Third, we need to determine overbought and oversold levels using a RSI indicator. Fourth, to determine strength of trend, we need to incorporate stochastic plots.

When looking for support and resistance levels, it is always a good idea to keep an eye on the RSI and stochastic plot as this can tend to lead to a first glimpse of trend reversal.

Raphael Binary
Pros & Cons

This strategy is good because it allows a trader to capture more of the trend instead of a small portion in the middle of it. By using RSI and Stochastic indicators, it lets a trader notice when a trend is developing after major support and resistance levels.  If there is a setup with a strong potential chart pattern that is evolving, this will allow you to take advantage of a long entry, and keep a tight stop loss on your position.  Once the indicators fail to confirm a trend off of a support level, you should exit the position because it is indicating that the support level is about to fail and the price of the underlying will continue lower.

Raphael Binary 1


Of course, it is important to always keep in mind that every indicator or combination of indicators and chart analysis is a measure of the past and cannot predict the future price of the underlying.  These indicators always lag price action, and can produce signals that are unclear to the trader.  Even though in the examples produced clean signals, there are times where this may not happen and a trader will be holding a losing trade. With having more complex understanding of higher and lower level time frames, combined with an RSI and stochastic on each, it will allow for you to know when your setup has failed to produce anything favorable and an exit should be considered.

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