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Attachments: Twin RSI - simple trading strategy
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Twin RSI - simple trading strategy

  • #21
  • Jan 30, 2023 6:17am Jan 30, 2023 6:17am
though entry and exit were not at candle close
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ITB - Seeing Orderliness amongst 'Randomness'
  • #22
  • Jan 30, 2023 8:07am Jan 30, 2023 8:07am
Quoting Inthebox
though entry and exit were not at candle close {image}
Wait for the complete close of a bar.
If entry signal is generated then, enter a new order at the beginning of the next new bar.
  • #23
  • Jan 30, 2023 8:37am Jan 30, 2023 8:37am
Lim001, a very interesting trading system, I have two questions here. 1. Can you talk about how to use myfxbook to select the right currency pair. 2. This is only one of the three strategies. Can you introduce the other two? thanks.
  • #24
  • Jan 30, 2023 8:47am Jan 30, 2023 8:47am
Personally, I'm always interested in different strategies, particularly if they can be coded into an EA.
  • #25
  • Jan 30, 2023 1:48pm Jan 30, 2023 1:48pm
caught the lower time frame entry move.
exited when h4 rsi reached 85.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #26
  • Jan 31, 2023 1:16am Jan 31, 2023 1:16am
Quoting gdqnxq
Lim001, a very interesting trading system, I have two questions here. 1. Can you talk about how to use myfxbook to select the right currency pair. 2. This is only one of the three strategies. Can you introduce the other two? thanks.
1. myfxbook gives you comparison of currency pairs. You have to figure out the component currency strength yourself. Alternatively Mataf website will give you direct comparisons of individual currencies. See illustration
Attached Image (click to enlarge)
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2. The other 2 strategies are buy only and sell only
For buy only strategy
1) shift the the upper and lower range of slow-rsi to 75 and 55
2) slow-rsi is between the upper and lower range
3) fast-rsi crosses the slow-rsi from above
4) open a buy order at the beginning of next bar
5) TP at end of bar when the fast-rsi crosses the slow-rsi from below
6) SL when slow-rsi dips below the lower range and/or fast-rsi dips below sl level
Do the reverse step for a sell order
Attached Image (click to enlarge)
Click to Enlarge Name: buy.png Size: 14 KB
Good luck!!
  • #27
  • Jan 31, 2023 1:25am Jan 31, 2023 1:25am
Quoting Lim001
{quote} 1. myfxbook gives you comparison of currency pairs. You have to figure out the component currency strength yourself. Alternatively Mataf website will give you direct comparisons of individual currencies. See illustration {image}2. The other 2 strategies are buy only and sell only For buy only strategy 1) shift the the upper and lower range of slow-rsi to 75 and 55 2) slow-rsi is between the upper and lower range 3) fast-rsi crosses the slow-rsi from above 4) open a buy order at the beginning of next bar 5) TP at end of bar when the fast-rsi...
is first picture "CLOSED-SYSTEM" ?
that mean calculations are based on all pairs related to all these instruments?
each day 10%,,,, https://www.forexfactory.com/thread/1371538
  • #28
  • Jan 31, 2023 4:50am Jan 31, 2023 4:50am
Quoting Lim001
{quote} 1. myfxbook gives you comparison of currency pairs. You have to figure out the component currency strength yourself. Alternatively Mataf website will give you direct comparisons of individual currencies. See illustration {image}2. The other 2 strategies are buy only and sell only For buy only strategy 1) shift the the upper and lower range of slow-rsi to 75 and 55 2) slow-rsi is between the upper and lower range 3) fast-rsi crosses the slow-rsi from above 4) open a buy order at the beginning of next bar 5) TP at end of bar when the fast-rsi...
What are the requirements of the buy only and the sell strategies for the choice of currency pairs？
  • #29
  • Jan 31, 2023 4:59am Jan 31, 2023 4:59am
exited due to having to go out.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #30
  • Jan 31, 2023 5:23am Jan 31, 2023 5:23am
More discussion needed on stop loss settings with practical examples showing Risk/reward.

IMO Get your stop loss setting wrong on this strategy and your strategy becomes unprofitable.
  • #31
  • Jan 31, 2023 6:22am Jan 31, 2023 6:22am
Quoting shrips
More discussion needed on stop loss settings with practical examples showing Risk/reward. IMO Get your stop loss setting wrong on this strategy and your strategy becomes unprofitable.
The success of this plan depends on manual analyse of market trend before placing a trade.
If one can see a trend clearly, he sees money.
There are a number of trend indicators, each having its weaknesses.
Use them altogether to establish a trend (or no trend) then SL will be far and apart.
The weakness in this plan is only one trend (slow-rsi) is used.
Can anyone see where the market is heading from below chart
Attached Image (click to enlarge)
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  • #32
  • Jan 31, 2023 6:31am Jan 31, 2023 6:31am
Quoting shrips
More discussion needed on stop loss settings with practical examples showing Risk/reward. IMO Get your stop loss setting wrong on this strategy and your strategy becomes unprofitable.
sl provided in post 1 and 26.

Stop loss.
strategy 1 for buy:

1) When fast rsi closes below 15 level and or slow rsi closes below lower range
2) When trader’s pre-set stop loss level is triggered

use 1, or else use 2 according to each own experience, which will be varied
normal retail trader will be at nearest 1 or 2 fractal away.

strategy 2 for buy only
SL when slow-rsi dips below the lower range (55) and/or fast-rsi dips below sl level (15)
ITB - Seeing Orderliness amongst 'Randomness'
  • #33
  • Jan 31, 2023 10:55am Jan 31, 2023 10:55am
Quoting Lim001
{quote} The success of this plan depends on manual analyse of market trend before placing a trade. If one can see a trend clearly, he sees money. There are a number of trend indicators, each having its weaknesses. Use them altogether to establish a trend (or no trend) then SL will be far and apart. The weakness in this plan is only one trend (slow-rsi) is used. Can anyone see where the market is heading from below chart {image}
To answer your question, market is headed for retrace and probable continuation, in my opinion.
  • #34
  • Edited 10:15am Feb 1, 2023 9:10am | Edited 10:15am
I made a quick test with the original rules as per post #1 on 28 currency pairs, H4 timeframe, to see, if there is some basic edge before going into deeper analysis.
Unfortunately, this setup is a losing one throughout all pairs (at least as a mechanical setup):
Attached Image(s) (click to enlarge)
Click to Enlarge Name: TwinRSI Equity Curve.JPG Size: 80 KB
Click to Enlarge Name: TwinRSI PL by symbol.JPG Size: 21 KB
  • #35
  • Feb 1, 2023 9:20am Feb 1, 2023 9:20am
If you need to pick the right pair to trade. They need to be in non trend. As he say. Can you check this before taking trades?
  • #36
  • Feb 1, 2023 9:42am Feb 1, 2023 9:42am
Quoting osfx
I made a quick test with the original rules as per post #1 on 28 currency pairs, H4 timeframe, to see, if there is some basic edge before going into deeper analysis. Unfortunately, this setup is a loosing one throughout all pairs (at least as a mechanical setup): {image} {image}
If you are so sure that this system is a money-losing strategy, you can just reverse the entry rules. I am sure that will also lose money.
The question is why !!!
Best of luck
MA provides the market's current direction and strength.
  • #37
  • Feb 1, 2023 9:48am Feb 1, 2023 9:48am
Quoting smeden
If you need to pick the right pair to trade. They need to be in non trend. As he say. Can you check this before taking trades?
Non-Trend is a vague term. what is non-trend, and how do you define Non-Trend? It takes one candle to start a trend. Rules should be more specific when we want to trade systematically.

One example of a non-trend could be if the price is moving between the high and low of previous daily candle for 5 H4 bar. we will take it as a non-trend.

Best of luck.
MA provides the market's current direction and strength.
  • #38
  • Feb 1, 2023 10:15am Feb 1, 2023 10:15am
Quoting hasib
{quote} If you are so sure that this system is a money-losing strategy, you can just reverse the entry rules. I am sure that will also lose money. The question is why !!! Best of luck
Obviously, the percentage of winning trades hovers around 50% net (without trading costs). Trading costs included, it loses on both sides.
  • #39
  • Feb 1, 2023 10:54am Feb 1, 2023 10:54am
Quoting osfx
I made a quick test with the original rules as per post #1 on 28 currency pairs, H4 timeframe, to see, if there is some basic edge before going into deeper analysis. Unfortunately, this setup is a losing one throughout all pairs (at least as a mechanical setup): {image} {image}
would it not be difficult for the test to ensure that when a trade is executed for strategy 1
only when the following conditions are fulfilled or strictly followed:

upon the close of a bar
1. rsi 2 penetrated both level 56 and 44 or vice versa.
2. rsi 14 must stay in between the level 56 and 44
3. rsi 2 must not close beyond level 85 and 15

i asked because from the 3 charts i posted above, i felt quite at ease in trading them, a total different experience from what you had shown.
ITB - Seeing Orderliness amongst 'Randomness'
  • #40
  • Feb 1, 2023 11:00am Feb 1, 2023 11:00am
Quoting osfx
I made a quick test with the original rules as per post #1 on 28 currency pairs, H4 timeframe, to see, if there is some basic edge before going into deeper analysis. Unfortunately, this setup is a losing one throughout all pairs (at least as a mechanical setup): {image} {image}
OSFX, where did you conduct the backtest?
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