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RSI Multi Time Frame Indicator/System

  • #41
  • Mar 15, 2019 8:17am Mar 15, 2019 8:17am
Quoting zoheb01
{quote} Hi Hundsbua, thanks for your comment, It's a question I get a lot. Personally for me, I don't like stop loss systems as it makes you have to have a precise entry. 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...
Hi zoheb01, I have placed your indicator on my USDCAD 15 min chart and it is working nicely showing at least 3 chance to make nice pips. However I have a suggestion. When RSI goes in ob territory, it start showing sell arrows. But most of the time, price keep going higher and sell arrows keep appearing which is ok if you plan to place many trades. My suggestion is that a red arrow should appear only upon a bar that closes down. This will reduce premature appearance of red arrows.

What do you think?
  • #42
  • Mar 15, 2019 9:11am Mar 15, 2019 9:11am
Hi Zoheb01, Forgot to write about one more suggestion. Can you display current value of two or three rsi that are in play, right on the chart somewhere. I open only one buy or sell at a time so it will help me to decide right time to open the trade. Thanks.
  • #43
  • Mar 16, 2019 4:11am Mar 16, 2019 4:11am
Hi Zoheb01

Thank you for great indicator. I really love RSI

Did you also code the indicator which identifies Engulfing / Pin bar of OGT ?
  • #44
  • Mar 19, 2019 3:57pm Mar 19, 2019 3:57pm
Quoting Abhimanyu
{quote} Hi zoheb01, I have placed your indicator on my USDCAD 15 min chart and it is working nicely showing at least 3 chance to make nice pips. However I have a suggestion. When RSI goes in ob territory, it start showing sell arrows. But most of the time, price keep going higher and sell arrows keep appearing which is ok if you plan to place many trades. My suggestion is that a red arrow should appear only upon a bar that closes down. This will reduce premature appearance of red arrows. What do you think?
Hi Abhimanyu, thanks for your suggestion. When I initially designed the indicator, it's purpose was to create an early warning that price MAY start to reverse. It wasn't my intention to create an EA solely based on this indicator, as like you said, price can still continue to go up/down for a while before it eventually reverses. Which is why I always suggest confluence of indicators/price action before taking a trade.

My favorite confluence is an RSI MTF signal followed by the MACD crossing the zero line (to confirm change in trend). Below is an example of what I mean. I see this type of setup every day. I hope it helps.

Attached Image (click to enlarge)
Click to Enlarge Name: RSI MTF Early Warning Example.png Size: 38 KB
Never stop investing. Never stop improving. Never stop doing something new
  • #45
  • Mar 19, 2019 4:00pm Mar 19, 2019 4:00pm
Quoting Abhimanyu
Hi Zoheb01, Forgot to write about one more suggestion. Can you display current value of two or three rsi that are in play, right on the chart somewhere. I open only one buy or sell at a time so it will help me to decide right time to open the trade. Thanks.
It's definitely something that can be added however, I think it will slow down the execution as the indicator has to make the computer work harder.

I will score this suggestion against all my current modification suggestions and see if it makes the cut! Thanks again for your feedback much appreciated.
Never stop investing. Never stop improving. Never stop doing something new
  • #46
  • Mar 19, 2019 4:02pm Mar 19, 2019 4:02pm
Quoting Dramti
Hi Zoheb01 Thank you for great indicator. I really love RSI Did you also code the indicator which identifies Engulfing / Pin bar of OGT ?
Hi Dramti, thanks for your post, I'm glad you like the indicator.

As I mention in my videos, I'm not a coder, just come up with trading ideas. I've got two freelance coders that I go to for projects. However, the same coder has created both the OGT price action indicator and the RSI MTF indicator and EA.
Never stop investing. Never stop improving. Never stop doing something new
  • #47
  • Mar 20, 2019 8:35am Mar 20, 2019 8:35am
Hi, thank you for this great indicator, i Love it ! I'm very grateful if you add an option to disable alert. It's very annoying.
Thank You
  • #48
  • Mar 20, 2019 9:09am Mar 20, 2019 9:09am
highly repainting inidcator
  • #49
  • Mar 20, 2019 9:50am Mar 20, 2019 9:50am
Quoting T4Trade
highly repainting inidcator
did you see the video in first post ? "repainting" is pointless about this indicator !!
  • #50
  • Mar 20, 2019 9:55am Mar 20, 2019 9:55am
Hi,
looks nice . I would like to test it
  • #51
  • Mar 22, 2019 11:29am Mar 22, 2019 11:29am
Quoting tuxTrader
Hi, thank you for this great indicator, i Love it ! I'm very grateful if you add an option to disable alert. It's very annoying. Thank You
Noted!
Never stop investing. Never stop improving. Never stop doing something new
  • #52
  • Mar 22, 2019 11:29am Mar 22, 2019 11:29am
Quoting tuxTrader
{quote} did you see the video in first post ? "repainting" is pointless about this indicator !!
Indicator does not repaint.
Never stop investing. Never stop improving. Never stop doing something new
  • #53
  • Mar 22, 2019 11:32am Mar 22, 2019 11:32am
Hi all, been waiting all week to share part 3 of the EA as the EA was not getting into trouble (not sure why I'm complaining).

The account has had steady growth this week, but got into trouble on the USD/JPY today. The video explains the situation, what I've done to get my out of this mess. Will let you know the outcome.

Inserted Video


zoheb01
Never stop investing. Never stop improving. Never stop doing something new
  • #54
  • Mar 22, 2019 12:33pm Mar 22, 2019 12:33pm
Quoting zoheb01
Hi all, been waiting all week to share part 3 of the EA as the EA was not getting into trouble (not sure why I'm complaining). The account has had steady growth this week, but got into trouble on the USD/JPY today. The video explains the situation, what I've done to get my out of this mess. Will let you know the outcome. https://www.youtube.com/watch?v=1fMReB0iSwQ& zoheb01
Exactly the situation I wrote last week - add SL and RR to your EA
  • #55
  • Mar 22, 2019 5:13pm Mar 22, 2019 5:13pm
Hi Zoheb

I would say don't worry mate, 5min TF is so noisy, you should leave the EA running or maybe stop it from placing anymore trades.

Coincidentally, I am currently testing trading on the 5 min TF also. I trade the opposite of an arrow indicator I have and TP is only 3-5 pips (depending on the pair). I don't use a SL, I only set trades during the Asian session and let the trades play out during the day, while I sleep and work.

I see your biggest DD was 80+ pips on the first trade. My biggest DD was 233pips on 1 trade and I had 2 of them at the same time on GBPJPY. I am trading 0.01 lots on an $1100.00 account. It took 3 days but all closed at TP.

I have to wait for each trade to hit it's assigned TP but you have the advantage of multiple trades with a combined TP which is better than my method.

I will say you could add a SL of 30-50 pips and let the EA run. But I would not.

If you look at the monthly chart you will notice it looks bullish, so not to worry.

Chris
  • #56
  • Mar 26, 2019 7:26am Mar 26, 2019 7:26am
Hi Zoheb, Your OGT rsi indicator is very good. But if you do not mind, I like to make a suggestion to make it even better. I have been watching its action on several
charts for many days now.

Red arrow should show up on bar 0 only when

1. higherTF-rsi1 < higherTF-rsi2
2. higherTF-rsi1 > UserSpecified value of high rsi (for example 70)
3. LowerTF-rsi2 > UserSpecified value of high rsi (for example 70)
4. LowerTF-rsi1 < UserSpecified value of high rsi (for example 70)

where rsi1 is the value at close of bar1 and rsi2 is the value at close of bar2.

Idea here is that both tf rsi have spent some time in the overbought zone and now preparing to come down out of the overbought zone..
  • #57
  • Mar 27, 2019 3:00pm Mar 27, 2019 3:00pm
Thanks all for your comments to my latest video. I was planning to do a video today with an update but didn't get the time.

The cliff notes is that I closed out at BE of the USD/JPY trade and the pair is ready to trade future signals.
Never stop investing. Never stop improving. Never stop doing something new
  • #58
  • Mar 27, 2019 3:01pm Mar 27, 2019 3:01pm
Quoting Abhimanyu
Hi Zoheb, Your OGT rsi indicator is very good. But if you do not mind, I like to make a suggestion to make it even better. I have been watching its action on several charts for many days now. Red arrow should show up on bar 0 only when 1. higherTF-rsi1 < higherTF-rsi2 2. higherTF-rsi1 > UserSpecified value of high rsi (for example 70) 3. LowerTF-rsi2 > UserSpecified value of high rsi (for example 70) 4. LowerTF-rsi1 < UserSpecified value of high rsi (for example 70) where rsi1 is the value at close of bar1 and rsi2 is the value at close of bar2....

Thanks for your suggestions. Can you share a couple of chart examples of what you mean please.
Never stop investing. Never stop improving. Never stop doing something new
  • #59
  • Mar 31, 2019 4:08am Mar 31, 2019 4:08am
Hey guys, wanted to share the conclusion of the of the USD/JPY trades that went against me, as well as the end of month account update.

I got the parts confused, I thought I had done 4 videos where I only did 3! Enjoy.

Inserted Video
Never stop investing. Never stop improving. Never stop doing something new
  • #60
  • Apr 6, 2019 2:23pm Apr 6, 2019 2:23pm
Hi All, I've created a new video which shows the account growth and some trades for the past week.

Another 1% account growth!

Inserted Video


Enjoy,
Zoheb.
Never stop investing. Never stop improving. Never stop doing something new
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