Never stop investing. Never stop improving. Never stop doing something new
- #24
- Dec 13, 2017 9:24pm Dec 13, 2017 9:24pm
- Joined Apr 2013 | Status: Trader | 1,578 Posts
Hi Zoheb By MTF RSI are you referring to what I had suggested a few posts back, whereas we could set different levels for different TFs and get an alert once all three cross those levels. Because that would be great. I have set up all 29 charts this weekend with the following scenarios; Monthly chart with a 200 ema and RSI levels of 70 and 30 Only look for trades on lower TFs for sell under 200 and buys if over 200 Weekly chart RSI levels of 80 and 20 Daily chart RSI levels of 90 and 10 After going thru all those charts and over 100 trades of TP...
This is just proof of concept right now, position size would be much greater if proven profitable.
Maybe scaled down to lower TFs in the future.
Cant wait for Indicator...
Thanks for the idea Zoheb.
Chris
- #27
- Dec 14, 2017 12:03pm Dec 14, 2017 12:03pm
{quote} I could potentially do something like this: User can select up to 3 time frames (first time frame must be current). For each TF the user can select their own RSI period and OB/OS levels and whether its applied to close or not. When all three TF meet condition together then signal is provided. Will not take into account the EMA. Does this work?
Way to go Zoheb keep it coming. Have you tried 3 TF yet? I know we were discussing this a while ago, Looks very promising. Chris
Yes I did. It was also profitable on backtest but didn't take as many trades.
It's a trade off between the frequency of trades and the quality of the signal.
System made 0.6% so far today with no open trades or drawdown. Like I mentioned in my videos, days like these are great but rare. How amazing would it be making 0.6% gain daily with little to no drawdown
Thanks,
Zoheb.
Never stop investing. Never stop improving. Never stop doing something new
{quote} Hi Chris, Yes I did. It was also profitable on backtest but didn't take as many trades. It's a trade off between the frequency of trades and the quality of the signal. System made 0.6% so far today with no open trades or drawdown. Like I mentioned in my videos, days like these are great but rare. How amazing would it be making 0.6% gain daily with little to no drawdown
{quote} why not use a SL? If you have a really strong trend against you - you will maybe run into problem
That being said, I mentioned that this system is 1% discretionary, which is my "get out of trouble" methodology which I've built over the past year. I will create a video around this and exactly what I do. I'm waiting to get into this position so I can show you live! I'm not complaining that it's not happened yet
The one thing I will say is that you have to keep you lot size small. This allows trades to go against you without putting your account near a margin call.
Another thing which I can't really explain, I'm a better discretionary trader when I try to trade my way out of trouble rather than trading to make money. The concept of trading to reduce draw down makes me trader better for some reason. I may create a video about that!
Hope it helps.
Never stop investing. Never stop improving. Never stop doing something new