Signing up is free & takes 5 secs only…
I started trading in 2017 and in these four years. Sometimes I won and sometimes I lost. However, I am lucky that I survived and made my career in trading.
You can also make so. However, you need to follow a proper trading strategy that works with proper money management.
Therefore, In this article, I will be sharing my most favourite Pocket Option Hack or Pocket Option Strategy that you can use to make money while you trade.
How to set the Pocket Option chart
Login to your trading account and set the default chart to the candlestick. Here, I assume that you at least know the basics of the candlestick. In case you don’t know click here.
Once, you have set the chart now, choose the trading instrument that you are going to trade with. Define the timeframe. This strategy works best on the longer timeframe charts.
Now, click on the indicator button and select RSI from the menu.
RSI or Relative Strength Index is a momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate the overbought and oversold levels.
More about RSI
RSI is displayed as an Oscillator ( a line graph that moves between two extremes) and can have a reading from 0 to 100.
This indicator displays the regions via which we make trading calls namely overbought and oversold regions.
Overbought is a term used when the security is believed to be trading at a level above its fair value. When the security price is trading at the overbought level we need to make the sell calls.
Similarly, The term Oversold refers to the condition where an asset has been traded lower at price and has a potential for price bounce. When the security price is trading at the oversold level we need to make the buy calls.
Combining with Support and Resistance
The importance of support and resistance is enormous for traders who depends a lot on technical analysis. Lines of support and resistance works like a magic If you want to make near perfect calls.
Support and resistance have yet one more advantage. They may be smoothly used together with other indicators. Here, we will combine the support and resistance with RSI.
If you see the oversold level near the support level you need to make buy calls. Similarly, make sell calls If you see the overbought level near the resistance level.
Make Buy calls near the support level
If the RSI line is near the oversold level with the candles near the support level. In that case, you need to make buy calls.
As you can see above, The candles are near the support level with the RSI line near the oversold level. So, here we can make some buy calls.
Make Sell calls near the resistance level
Similarly, Given above we can see the candles near the resistance level with the RSI line near the resistance level. So, here we can take some good sell trades and make some good profit.
Using Support & Resistance during trading at Pocket Option
If you analyse the chart properly, you will surely notice that the support and resistance level is pretty strong. This is why the odds of breaking a price from these levels are very low.
These levels are really strong and you can even hold a long-lasting position.
Alone, Support and Resistance can give you some great results. However, If you combine it with the RSI line it can give you even better results.
Whenever The line is near the support level with the RSI line near the oversold level you can enter a buy trade. Similarly, If the line is near the resistance level with the RSI line near the overbought level you can enter a sell trade.
The best way to understand this strategy is by trying the same strategy in the Pocket Option practice account and keeping a proper track record in a notebook on how much profit or loss you made.
Once, you are confident enough with the strategy you can move to Pocket Option real account.
We wish you a good profit!!