FX.co ★ EUR/JPY

Good day colleagues, at this moment I have approached the queue to analyze the pair EURJPY on the timeframe M5. I trade according to the classical trading indicator RSI with a period of 14. Why exactly fourteen? The current settings of the indicator have been tested by many traders before me, and have been quite positive. I believe that it is necessary to take into account the experience of others. RSI entering the zone of 70 indicates the imminent exhaustion of the current trend and signals a possible change in the market situation in favor of the beginning of a bearish trend on the analyzed instrument. The start of the future trend is presumably at the price: 166.902. I enter the market on the current timeframe, or I go down for a minute where after a small price pullback we sell at the market price. As for profit, the old good standard ratios that work and justify themselves: 1/2 or 1/3, can be supplemented with other techniques. For example, using trailing to improve the position depending on the current volatility and market aggressiveness. The main thing is to be able to adapt to changing conditions in time. My stop loss is 15 points from the last current extreme. A fixed value that is used situationally. Thank you for your attention and time! Good luck in trading, friends!