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Cable Update (GBPUSD)

  • #730,141
  • Feb 18, 2023 10:56am Feb 18, 2023 10:56am
Quoting donfriday
{quote} ur rules is not to follow any rules
If you have paid any attention to @Waveskierrob you would know that this is exactly how he acts!
  • #730,142
  • Edited 11:15am Feb 18, 2023 10:56am | Edited 11:15am
Quoting dantpm
{quote} Thanks. Appreciate the input. In this case, the MA is reflecting the movement of the RSI indicator and not the candles. Moti is using the MACD in the 1 min time frame as one of his trade entry parameters. From looking at the MA on the RSI, based on a previous recommendation from another trader in using the RSI, I noticed that it appeared to be an earlier indicator (when the RSI and MA cross) for entries and a lagging exit indicator (based on which side of the 50% level and how close to the 50% level it follows). The 200 ma and RSI spike...
Below is the GBPUSD M1 covering about the same time span as in your image. I use diffferent indicator in the price window. The bottom window is three MAs of RSI(12): MA2 green; MA8 red; MA32 yellow. The astute viewer will note a correlation between one of the inidcator lines in the price window and red cross yellow in the RSI window.

I suggest taking a closer look at the relationship bewteen the RSI MAs and the price swings.

Attached Image (click to enlarge)
Click to Enlarge Name: RSIs.png Size: 25 KB
To free Gazans of Hamas, use whatever it takes.
  • #730,143
  • Feb 18, 2023 10:58am Feb 18, 2023 10:58am
Quoting Waveskierrob
{quote} Just by putting "RULE #" in front does not make them rules ...please explain, this should be good ...
Attached Image (click to enlarge)
Click to Enlarge Name: Your Texas Photos - National Geographic.jpg Size: 27 KB

Dr Dave...anything, have you got anything
  • #730,144
  • Feb 18, 2023 11:02am Feb 18, 2023 11:02am
Quoting Coreg2004
{quote} donfriday, don't use big words on me. I don't accuse anyone of anything. I just share my thoughts which I can back up with evidence. I don't take the sides, but I might have the same thoughts as someone else. I am beyond divisions. I don't belong to any companionship of mutual adoration because I am Texas and I fight my battles alone. Honesty and integrity are something I go by.
May I use a big word on you??
Let's give HUMONGOUS a try!
To free Gazans of Hamas, use whatever it takes.
  • #730,145
  • Feb 18, 2023 11:07am Feb 18, 2023 11:07am
Quoting DrDave
{quote}Below is the GBPUSD M1 coverig about the same times span as in your image. I use diffferent indicator in the price window. The bottom window is three MAs of RSI(12): MA2 green; MA8 red; MA32 yellow. The atute viewer will note a correlation between one of the inidcator lines in the price window and red cross yellow in the RSI window. I suggest taking a closer look at the relationship bewteen the RSI MAs and the price swings. {image}
I took the chart over a longer time frame and found false entry signals and early exit signals, especially where the RSI spiked below 30 and then bounced even lower, similarly above 70 and then higher or constant earlier exit signals. In both of these cases, the 8 was providing incorrect signals. If you have hard data to back up your hypothesis please share and before you ask to this point I am doing exactly what you suggest, eyeballing it!
  • #730,146
  • Feb 18, 2023 11:07am Feb 18, 2023 11:07am
Quoting Waveskierrob
{quote} Just by putting "RULE #" in front does not make them rules ...please explain, this should be good ...
RULES: a set of explicit or understood regulations or principles governing conduct or procedure within a particular area of activity:
He provided such a set that he follows.
To free Gazans of Hamas, use whatever it takes.
  • #730,147
  • Feb 18, 2023 11:09am Feb 18, 2023 11:09am
Quoting dantpm
{quote} Are you referring to RSI moving averages or candlestick moving averages? I entered the 8, 32 and 50 on the chart that I referenced. 8 results in entries that are not profitable, 32 doesn't make a difference that is noticeable and 50 cuts off profitable trades. The numbers you are proposing might be applicable to candlesticks but not with the RSI.
Those are the MAs of the RSI, as shown by the text in the RSI window. As I said, I have other indicators in the price window.
To free Gazans of Hamas, use whatever it takes.
  • #730,148
  • Feb 18, 2023 11:14am Feb 18, 2023 11:14am
Quoting dantpm
{quote} Are you referring to RSI moving averages or candlestick moving averages? I entered the 8, 32 and 50 on the chart that I referenced. 8 results in entries that are not profitable, 32 doesn't make a difference that is noticeable and 50 cuts off profitable trades. The numbers you are proposing might be applicable to candlesticks but not with the RSI.
The numbers you are proposing might be applicable to candlesticks but not with the RSI.

No, they are not really very useful with candlesticks.
Yes, they are applicable to RSI. Perhaps ypu need to look more closely at:
1. the crossings of the MAs among themselves;
2. their crossing the 50 level;
3. the correlation between price movement and MAs crosing themselves when all are on one side of the 50 level.
To free Gazans of Hamas, use whatever it takes.
  • #730,149
  • Feb 18, 2023 11:15am Feb 18, 2023 11:15am
Quoting DrDave
{quote} RULES: a set of explicit or understood regulations or principles governing conduct or procedure within a particular area of activity: He provided such a set that he follows.
...had to get the definition off the internet ....so how is "for how long I want" a RULE#, please grow some balls and use your own words...
  • #730,150
  • Feb 18, 2023 11:18am Feb 18, 2023 11:18am
Fri's NA range was 1.1922 to a high of 1.2038....we will see if that acts as resistance or will the market mark a top on Tuesday.
  • #730,151
  • Edited 11:43am Feb 18, 2023 11:21am | Edited 11:43am
Quoting Waveskierrob
{quote} ...had to get the definition off the internet ....so how is "for how long I want" a RULE#, please grow some balls and use your own words...
Of course I got an "official" definition from a recognized authority to pre-empt cries of "in your opinion".
Why rephrase a perfectly clear DEFINITION???
To free Gazans of Hamas, use whatever it takes.
  • #730,152
  • Feb 18, 2023 11:26am Feb 18, 2023 11:26am
Quoting DrDave
{quote} Of course I got an "official" defintion from a recognized authority to pre-empt cries of "in your opinion". Why rephrase a perfectly clear DEFINTITION???
...so which part of the definition applys to my post...
  • #730,153
  • Feb 18, 2023 11:40am Feb 18, 2023 11:40am
Quoting DrDave
How a complete idiot makes money trading Froex! MUST WATCH.
So, it basically doesn't matter what you are doing as long as the risk management is good.

I don't know what to say about the video..

You have 50% chance R or S will hold and you get a winning trade.
With good money management, it's very possible this kind of trading is profitable.

Distance between S and R is sometimes 3X or 4X your SL below S or above the R. Meaning you have to be right 1/3 or 1/4 times and every time you have 50% chance of winning the trade.

Math is HEAVILY on your side. Thought-provoking. He says he's an idiot and average joe, but, I feel like an idiot now for not trying this approach sooner to find out how well it works.

I might give this a try Dr.Dave.
I don't have a Demo account, however I will put the smallest lot size (doesn't even matter) and try this on couple of trades.

What TF would you suggest though? I'm thinking at least H4, probably even Daily.

I mean, we just witnessed R holding at 1.245 and it got down to S.
First win!

Thanks!
  • #730,154
  • Feb 18, 2023 11:42am Feb 18, 2023 11:42am
Quoting dantpm
{quote} Are you referring to RSI moving averages or candlestick moving averages? I entered the 8, 32 and 50 on the chart that I referenced. 8 results in entries that are not profitable, 32 doesn't make a difference that is noticeable and 50 cuts off profitable trades. The numbers you are proposing might be applicable to candlesticks but not with the RSI.
Maybe these Vlines on RSI MAs crossing can help you to see some possibilities.
solid green: greenXyellow up moving from near 30 level
solid red: greenXyellow down moving from near 70 level
solid white: yellow >50 level and greenXyellow up for continuation buy
dotted yellow: yellowX50 level
dotted green: redX50 level up
dotted red: redX50 level down
Attached Image (click to enlarge)
Click to Enlarge Name: RSIs_Vlines.png Size: 29 KB
To free Gazans of Hamas, use whatever it takes.
  • #730,155
  • Feb 18, 2023 11:51am Feb 18, 2023 11:51am
Quoting SnailFX
{quote} So, it basically doesn't matter what you are doing as long as the risk management is good. I don't know what to say about the video.. You have 50% chance R or S will hold and you get a winning trade. With good money management, it's very possible this kind of trading is profitable. Distance between S and R is sometimes 3X or 4X your SL below S or above the R. Meaning you have to be right 1/3 or 1/4 times and every time you have 50% chance of winning the trade. Math is HEAVILY on your side. Thought-provoking. He says he's an idiot and average...
50% chance ....that would be crazy ...
  • #730,156
  • Feb 18, 2023 11:56am Feb 18, 2023 11:56am
Quoting Waveskierrob
{quote} 50% chance ....that would be crazy ...
It either holds or not no? Hahah, I will try this anyway!
I have to try this now.
  • #730,157
  • Edited 12:13pm Feb 18, 2023 11:58am | Edited 12:13pm
Trades For Next Week:

Testing R and S strategy!
These 4 trades.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: GBPCAD.png Size: 15 KB
  • #730,158
  • Feb 18, 2023 11:59am Feb 18, 2023 11:59am
Quoting SnailFX
{quote} So, it basically doesn't matter what you are doing as long as the risk management is good. I don't know what to say about the video.. You have 50% chance R or S will hold and you get a winning trade. With good money management, it's very possible this kind of trading is profitable. Distance between S and R is sometimes 3X or 4X your SL below S or above the R. Meaning you have to be right 1/3 or 1/4 times and every time you have 50% chance of winning the trade. Math is HEAVILY on your side. Thought-provoking. He says he's an idiot and average...
basically doesn't matter what you are doing as long as the risk management is good.
Yes, he said that. He said more than once that "this happens 50% of the time", where this referred to different things at different points in the video.
He also stated that it is the management of the trade that is important.

1. I would use a demo account initially, because as you saw, if you followed the hedging method, you run the risk of a margin call.
2. I would look at H1, H2, and H4.
3. On the demo, I would likely just try to take entries in whichever direction is appropriate and then after a lot of trades, check to see how filtering by trend following would affect the results.
To free Gazans of Hamas, use whatever it takes.
  • #730,159
  • Feb 18, 2023 12:00pm Feb 18, 2023 12:00pm
Quoting SnailFX
{quote} It either holds or not no? Hahah, I will try this anyway! I have to try this now.
Was just joking, been trading 50/50 for years now, many real time trades I've posted on my thread ...
  • #730,160
  • Feb 18, 2023 12:00pm Feb 18, 2023 12:00pm
Quoting DrDave
{quote} I have no rules, W-H-A-T?? RULE #1: I trade how I want. RULE #2: I trade what I want. RULE #3: I trade when I want. RULE #4: I trade for as long as I want Yet another rules-based trader . . .
Lets face it from this post you wanted a fight, so please finish it and answer my last question or you can cop out of this fight and just give this post a ""
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