Let's look at the following Forex strategy that uses the RSI (Relative Strength Index) oscillator indicator .
Graphic : Any
Indicators : RSI (14) with levels 30 and 70
When the RSI has crossed below 30, forming a bottom, and returns by crossing the 30 level again, a BUY signal is generated.
When the RSI has crossed above 70, forming a top, and returns by crossing the 70 level again, a SELL signal is generated.
You can define a fixed amount of pips for profit and stop loss .
It generates fairly accurate entry / exit signals, but the opportunities are not that frequent.
It requires monitoring and should be used with other indicators to minimize wrong signals.