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Twin RSI - simple trading strategy

  • #41
  • Feb 1, 2023 11:18am Feb 1, 2023 11:18am
Quoting Inthebox
{quote} 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.
Those are exactly the rules, that underlie my test. I share the same experience: I often was excited to have found promising strategies on the charts only to see the backtests showing me the opposite. I learned, that my eyes see what they want to see on the charts...
  • #42
  • Feb 1, 2023 11:19am Feb 1, 2023 11:19am
Quoting pakeha
{quote} OSFX, where did you conduct the backtest?
StrategyQuant X Pro
  • #43
  • Feb 1, 2023 11:26am Feb 1, 2023 11:26am
Quoting pakeha
{quote} OSFX, where did you conduct the backtest?
are you able to test that?
really need a few more people to test in order to verify that.
i am only able to do live manual testing.
ITB - Seeing Orderliness amongst 'Randomness'
  • #44
  • Feb 1, 2023 11:31am Feb 1, 2023 11:31am
Quoting Macd-rsi
{quote} No, but it is simple to draw manually, (no body here better than others, and me may be the lowest) sharp meaning does not need any explanation . . i try to program it in MAHAL .. but time is short, need more programming conditions to filter acute/flat channels .. you know!! advantage of these channels/trends > >> probable swing target in the same day . . . 1000 pips within few days, with no sensible reflection . . {image}it is very rare to see but nothing in the universe is equivalent to . .
This can be done actually on any timeframe. I found it few months back. However it's very hard. Also you can draw it not only like this. I stopped doing it, but it might be fun to somehow backtest this to see how to draw these and get more profitable signals. Maybe in the future I'll have a look.
  • #45
  • Edited 12:38pm Feb 1, 2023 12:17pm | Edited 12:38pm
i do not know why hasib's posts addressed to me were deleted.
anyway here's my reply since i had already prepared them.
he showed gbpjpy h4 50% success rate for strategy 1.

my own experience requirement is more rigorous.
i do not trade every signals that come.
that is the difference between running back test and manual test.
back tests have trades triggered even during beginning of asian session, closing of new york session, which does not make sense.
instead why not trade the london and new york sessions where trades are more active.

using the same gbpjpy h4, i have only 4 short setups.
trading the hh hl stuff, break of structure, strategy 1 requirement drawn in grey rsi zone.

one comes to realize that when rsi 14 comes out of the mid range zone, there is a possibility of a trend forthcoming.
then one can switch to strategy 2 buy only or strategy 3 sell only.
many traders use rsi as an overbought over sold indicator.
i prefer to use rsi as a trend indicator along with regular and hidden divergence.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 9 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #46
  • Feb 1, 2023 12:17pm Feb 1, 2023 12:17pm
Quoting SilentFather
{quote} This can be done actually on any timeframe. I found it few months back. However it's very hard. Also you can draw it not only like this. I stopped doing it, but it might be fun to somehow backtest this to see how to draw these and get more profitable signals. Maybe in the future I'll have a look.
FOR traders looking for quick swings with 200 pips to 500 pips within one or two days, frame must be H4 or higher
each day 10%,,,, https://www.forexfactory.com/thread/1371538
  • #47
  • Feb 1, 2023 12:32pm Feb 1, 2023 12:32pm
Quoting Macd-rsi
{quote} FOR traders looking for quick swings with 200 pips to 500 pips within one or two days, frame must be H4 or higher
Dear Macd-rsi, you are definitely right. No doubt about that. I just wanted to say that it's possible to use lower TF. I agree with you!
  • #48
  • Feb 1, 2023 12:34pm Feb 1, 2023 12:34pm
Quoting Inthebox
i do not know why hasib's posts addressed to me were deleted. anyway here's my reply since i had already prepared them. he showed gbpjpy h4 50% success rate for strategy 1. my own experience requirement is more rigorous. i do not trade every signals that come. that is the difference between running back test and manual test. back tests have trades triggered even during beginning of asian session, closing of new york session, which does not make sense. instead why not trade the london and new york sessions where trades are more active. using the...
Hello
I deleted my post accidentally, I just wanted to delete the picture since that picture contains other indicators. It may confuse others that is why I want to change the picture.
I have seen your post I think you have some points to observe. I can not comment on your approach. I have to test your concept. It seems interesting now.
I think we should focus on one strategy Discussion rather than other strategies. it will give us deeper ideas.
Thanks
MA provides the market's current direction and strength.
  • #49
  • Feb 1, 2023 11:02pm Feb 1, 2023 11:02pm
Two more trading strategies are available based on the same chart
Buy only strategy
slow-rsi setting
period:14, level 55/75, close
fast-rsi setting:
period: 2, level 15, close
Rules
1) a down bar closes in between rsi 55 & 75
2) the fast-rsi cross the slow-rsi from above
3) open a buy order at beginning of next bar
4) TP at close of a bar when fast-rsi crosses the slow-rsi from below
5) stop loss at end of a forward bar when
i) fast-rsi dips below 15 or
ii) slow-rsi dips below 55 or
iii) pre-set stop triggered
Attached Image (click to enlarge)
Click to Enlarge Name: buy only.png Size: 20 KB

Sell only strategy
slow-rsi setting
period:14, level 45/25, close
fast-rsi setting:
period: 2, level 85, close
Rules
1) an up bar closes in between rsi 25 & 45
2) the fast-rsi cross the slow-rsi from below
3) open a sell order at beginning of next bar
4) TP at close of a bar when fast-rsi crosses the slow-rsi from above
5) stop loss at end of a forward bar when
i) fast-rsi breaks above 85 or
ii) slow-rsi breaks above 45 or
iii) pre-set stop triggered
Attached Image (click to enlarge)
Click to Enlarge Name: sell only.png Size: 18 KB

Best of luck!!
  • #50
  • Feb 2, 2023 3:56am Feb 2, 2023 3:56am
Here is the Sell trade. Since other indicators show the market is moving downside so looking for only sell setups.

Applied this strategy. Little late entry.
I believe in Fixed Stop and TP.

Sell only strategy
slow-rsi setting
period:14, level 45/25, close
fast-rsi setting:
period: 2, level 85, close
Rules
1) an up bar closes in between rsi 25 & 45
2) the fast-rsi cross the slow-rsi from below
3) open a sell order at beginning of next bar
4) TP at close of a bar when fast-rsi crosses the slow-rsi from above
5) stop loss at end of a forward bar when
i) fast-rsi breaks above 85 or
ii) slow-rsi breaks above 45 or
iii) pre-set stop triggered
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 25 KB
MA provides the market's current direction and strength.
  • #51
  • Feb 2, 2023 4:37am Feb 2, 2023 4:37am
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 8 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #52
  • Feb 2, 2023 6:17am Feb 2, 2023 6:17am
Quoting Inthebox
{image}
It seems like we open almost the same trade. Seems interesting. Sell continuation and buy continuation in the GJ works well.
Lim001 Is RSI lover. I like his thoughts.

Best of luck
MA provides the market's current direction and strength.
  • #53
  • Edited 8:01pm Feb 2, 2023 7:50pm | Edited 8:01pm
  •  vrama
  • | Joined Dec 2006 | Status: BE at right place@right time = LUCK | 210 Posts
I like the idea with RSI.
planning to convert twin RSI strategy as an EA for it.
Any other particular rules exists please put forward, we have to convert our thought process into code.
Also would like to explain as I will try and then post here.
Please provide suggestions
All things are difficult before they are easy.
  • #54
  • Feb 3, 2023 4:25am Feb 3, 2023 4:25am
Quoting vrama
I like the idea with RSI. planning to convert twin RSI strategy as an EA for it. Any other particular rules exists please put forward, we have to convert our thought process into code. Also would like to explain as I will try and then post here. Please provide suggestions
it is not part of the rules as in post 1 and 49 but by experience.
it is safer to trade with the trend.
also according to OP.
https://www.forexfactory.com/thread/...2#post14307502

suggestions:
various ways to consider trend:
1. break of structure and retracement (hh hl, lh, ll)
https://www.forexfactory.com/thread/...4#post14310684
2. trend line
3. moving average
4.trend can also be seen when the slow rsi 14 moves out of the rsi range level 44-56 or 45-55, when price is within it is ranging.
ITB - Seeing Orderliness amongst 'Randomness'
  • #55
  • Feb 3, 2023 4:41am Feb 3, 2023 4:41am
I am a huge RSI fan.
Always look for multi time frame RSI momentum.
Give special attention to Higher time frame RSI value changing ( From H1 to H4 )

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 4 KB



Price may always go up and down.
But there is a 90% of chance finally it comes back to the higher time frame RSI direction

thanks.
  • #56
  • Feb 3, 2023 5:09am Feb 3, 2023 5:09am
the market is already moved lower a lot. Still, I open sell trade according to the rules.
Post your live trade, with your understanding it will help to improve.
GJ H4 Chart Sell trade. The stop is 50 pips. TP is open.
Price is in minor resistance. It gave me more confidence in the trade.

Best of luck
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 5 KB
MA provides the market's current direction and strength.
  • #57
  • Feb 3, 2023 6:44am Feb 3, 2023 6:44am
sold gu h4
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 8 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #58
  • Feb 3, 2023 6:57am Feb 3, 2023 6:57am
Quoting Inthebox
it is safer to trade with the trend.
This could be a good idea since I suspect following basic rules average loss will be higher than average win, so you need at least 50% winning trades.

Close half position with 1:1 RR and let the other half run.
  • #59
  • Feb 3, 2023 7:34am Feb 3, 2023 7:34am
Quoting Inthebox
sold gu h4 {image}
us non farm payroll
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 9 KB
ITB - Seeing Orderliness amongst 'Randomness'
  • #60
  • Feb 4, 2023 1:15am Feb 4, 2023 1:15am
Try this strategy using the same concept on a highly volatile pair GBPNZD
Modify the rules slightly
Buy
1) slow-rsi lies in between 45 and 55 range
2) fast-rsi opens above 55 and penetrates through 55 and 45 in one bar
3) open a buy order at end of the bar
4) TP based on
i) fast-rsi closes > 45 and < 55
ii) fast-rsi crosses the slow-rsi from below
iii) fast-rsi closes above 55
iv) fixed TP triggered
at trader's preference.
5) SL based on
i) slow-rsi dips below 45
ii) fixed SL triggered
Attached Image (click to enlarge)
Click to Enlarge Name: GN.png Size: 23 KB

Will appreciate if anyone can code an ea based on the rules
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