Three Methods for Trading RSI

Quoting Guest

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3). Learn to trade price action, learn to figure out what the smart money doing.
The legendary trader Jesse Livermore never used charts, he just read the ticker tape. Think about that - he never had a computer with pretty charts decorated with
indicators, yet he made millions. He used the computer that really counts, the one between his ears.

Ignored

With out a doubt. Price Action on 1H, 4H and D charts is my money maker. I had nearly tried every indicator out there with no luck - they are lagging indicators - price action is real time. If indicators work for others, then good on them. Vanilla candlestick charts for me.

GDR3k

Jan 9, 2014 3:58pm

Quoting Spreadbetter

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It's the laziest way and easiest way to make money bar none.

Ignored

You're not wrong, a lot of my friends are envious.

Hoops McCann

Jan 9, 2014 3:55pm

This is why FF is such a failure.

Jan 8, 2014 1:22pm

Gawd help us, not the Livermore defence. As for price action what time frame, the daily? Yep that'll work, the majority of the time, except when it doesn't, and of course you then have to manage your risk etc, without which you'll be sunk. And you think the "smart money" uses price action, institutional money uses PA?

Quoting Guest

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"Indicators have no better chance of predicting the future with 100% accuracy than any of us as human beings do."

It is surprising/refreshing to hear a technical analyst actually confess that indicators,well, don't really work. Unfortunately , the article goes on to state that traders should still use indicators, only try to use them a bit more cleverly...

1). TA doesn't work - reading between the lines, even the article admits it. So why bother using it?

2). The best method for trading RSI - throw the useless indicator in the trash....

Ignored

Jan 8, 2014 2:17pm

RSI developed by a chief monkey, but he never suggested slap it on a chart and trade off it. Like anything it has a use, but for the life of me I have no idea what.

As for Livermore, the bloke looked for one thing most of the traders on this forum, have no idea about, its the clue to a reversal, that and coupled with the fact he started getting serious about trading in 1929 might have helped.

Trading is a lot more complex than most people think and so much easier than a lot of things seriously clever people on this forum do. I am impressed though by the standard at FF, but so many people are searching for the grail, not realising its staring them in the face.

Jan 8, 2014 2:50pm

RSI - repetitive strain injury? Like all indicators it lags rather than leads, useful as oversold and overbought? Dunno, not interested...

Livermore, yawn...

Trading is v.simple IMO, wrapped up in mysticism and complication on this side of the industry by charlatans and dreamers. Holy Grail? Yep I've got two of 'em and for sure they're not what most would imagine, long may that continue.

Quoting Mike Haran

Disliked

RSI developed by a chief monkey, but he never suggested slap it on a chart and trade off it. Like anything it has a use, but for the life of me I have no idea what.

As for Livermore, the bloke looked for one thing most of the traders on this forum, have no idea about, its the clue to a reversal, that and coupled with the fact he started getting serious about trading in 1929 might have helped.

Trading is a lot more complex than most people think and so much easier than a lot of things seriously clever people on this forum do. I am impressed...

Ignored

Jan 9, 2014 10:34am

Ulterior thanks for the words of appreciation, I don't put it all on the site by the way just enough to give people an idea. Having said that what to I mean by my comment, which was designed to tickle people a bit. Its this, there is one true idea of where price is going and that is the trend, pure and simply, but not on an hourly chart, but on the weekly, that is the direction.

What happens as you go down time frames is noise, and deception by the dealers to fake people out. All you have to do is figure out the real direction the market is moving in and trade that way, realising that your entries and exits are not really that critical, provided your account can with stand the natural up and down in the time frame you are wanting to trade.

I think the big mistake most traders make is not being aware of the extent of a trend in time and rushing into a counter trend trade too soon.

However I am one of the few traders that post on this forum and call turns not only to a price level but also when they might occur, I do it because to be honest I read so much old hashed crap that simply fails on this forum, and I would really like to advance peoples ability as the idea of fat brokers does not appeal to me.

Hell with that in mind I think I will make some nice videos and slap em up so that people can see how to do it.

Jan 9, 2014 11:46am

Stop wasting your time promoting your blog and try to learn how to trade. There are thousands before you (with far more experience and knowledge) who've tried the "I'll build up a rep via a blog" stunt and it just doesn't work.

Traders are 'Meh' over some of the best trading blogs, yours will never rise above the tide of washed up debris that most cba even finding the time to keep up to date. You've nothing new to offer, just more of the same and it hasn't escaped my notice that you've done a huge volte-face recently wrt your method.

Quoting Mike Haran

Disliked

Ulterior thanks for the words of appreciation, I don't put it all on the site by the way just enough to give people an idea. Having said that what to I mean by my comment, which was designed to tickle people a bit. Its this, there is one true idea of where price is going and that is the trend, pure and simply, but not on an hourly chart, but on the weekly, that is the direction.

What happens as you go down time frames is noise, and deception by the dealers to fake people out. All you have to do is figure out the real direction the market is moving...

Ignored

Jan 9, 2014 11:49am

PA is no more reliable than any other method, or indicators. Sure indicators lag, but so does price on the dailies, which for the majority of retail traders is the only frame they should be trading off.

Quoting Hoops McCann

Disliked

With out a doubt. Price Action on 1H, 4H and D charts is my money maker. I had nearly tried every indicator out there with no luck - they are lagging indicators - price action is real time. If indicators work for others, then good on them. Vanilla candlestick charts for me.

Ignored

Jan 9, 2014 1:45pm — Edited

Spreadbetter it blokes like you that make me think don't bother, you are so negative mate its scary. What has life done to you to make you so negative.

At least my blog gives some real trading information and for free, you give nothing not even encouragement. Thousands of newbie traders are throwing their money away trading, I make a point of slagging off these people on FF publically and their useless methods.

If I have evolved as a trader its due to sheer hard work, maybe thats why I have something to write about. I got laughed at for calling a turn in the S&P in December and giving the price level I thought it would get to as well as calling the turn within a 2 day window.

You don't do anything here except winge, if someone makes mention of their blog.

I do really feel sorry for you, I really do.

Jan 9, 2014 3:39pm

I'm actually offering you good advice, don't waste your time writing a blog, it's a pointless vain glorious vanity project. Just let it go and try and learn to trade. As for me being negative sorry I'm not going to apologise for being all out of fukct@rded happy clappy tokens, if that's what your after you're in the wrong place.

Feel sorry for me? Bless xx, don't, honestly, I've got his business sussed, you never will, not until you toughen the fukc up you sensitive pussy. X

Oh and btw, anyone who trots out the 'hard work' line wrt trading is doing it all wrong. It's the laziest way and easiest way to make money bar none, once you know what you're doing and on the journey to success hard work just doesn't feature. The only real "hard work" involves convincing those with the cash to let you trade it for them.

So you keep up with the cliches and glib, phoney marketing platitudes and I'll stay cynical. I know what works for me and we can see what doesn't for you.

Quoting Mike Haran

Disliked

Spreadbetter it blokes like you that make me think don't bother, you are so negative mate its scary. What has life done to you to make you so negative.

At least my blog gives some real trading information and for free, you give nothing not even encouragement. Thousands of newbie traders are throwing their money away trading, I make a point of slagging off these people on FF publically and their useless methods.

If I have evolved as a trader its due to sheer hard work, maybe thats why I have something to write about. I got laughed at for calling...

Ignored

Jan 9, 2014 4:48pm

Really, the most successful trading forum and website on the planet, a "failure"? I'd suggest it does exactly what it says on the tin, it's a very well honed business proposition appealing to retail traders of all levels of ability and success, although the success element is debatable.

Quoting Hoops McCann

Disliked

This is why FF is such a failure.

Ignored

Jan 9, 2014 5:59pm

Well SB, I have to admit your honest! You realise the truth about trading it is easy to do once you know how to do it. The trouble is 95% of people of there selling a system are peddling rubbish. Thats what irks me about it I got caught buying rubbish hence my blog.

I don't need to toughen up I will keep being me as I happen to like who I am. Peace be with you I don't want to engage in tit for tat, but any time you want to go up against someone, please let me know. I will be there for you.

Trader#771A

Jan 8, 2014 11:05am