RSI 50 X Scalping System | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trying scalping with a 1000 bucks - Scalping is expensive! 39 replies

1M & 5M Scalping System (Scalping Paradise) 21 replies

GBPUSD RSI scalping strategy EA? 3 replies

Blackdiamond System - Awesome scalping system (Coding Reqd) 9 replies

RSI, MA, BOLL or RSI, BOLL MA diferents results 2 replies

Attachments: RSI 50 X Scalping System
Exit Attachments

RSI 50 X Scalping System

  • #41
  • Mar 6, 2023 12:31pm Mar 6, 2023 12:31pm
Been playing with this on MT5, the M1 graphs pay little resemblence to the OP's screenshots on Metatrader for me (compared the same times), or it could be my broker's prices etd. However on higher timeframes this seems an extremely accurate strategy, these are 3 very quick examples that immediately jumped out at me from a lookback CADCHF on 5M with RSI 15M (blue) & 30M (red).
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 6 KB
Attached Image
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 5 KB
  • #42
  • Mar 6, 2023 3:22pm Mar 6, 2023 3:22pm
Quoting Niedermaier
Hello Toto, would you say this is a correct entry? Or would you have entert a candle earlier? {image}
yes sir, this looks good to me
  • #43
  • Mar 6, 2023 3:22pm Mar 6, 2023 3:22pm
Quoting aud
{quote} Could you post the Pine Script for the MTF RSI?
here's the PineScript for the MTF RSI I use


study("Multi Timeframe RSI", shorttitle="MTF_RSI")
len = input(14, title="Length", type=integer)
src = input(close, title="Source", type=source)
show5m = input(true, title="show 5m", type=bool)
show15m = input(true, title="show 15m", type=bool)
show30m = input(true, title="show 30m", type=bool)
show1h = input(true, title="show 1h", type=bool)
show2h = input(true, title="show 2h", type=bool)
show4h = input(true, title="show 4h", type=bool)
show1D = input(true, title="show 1D", type=bool)

rsiCurrent = rsi(src,len)
rsi5m = security(ticker,"5",rsi(src,len))
rsi15m = security(ticker,"15",rsi(src,len))
rsi30m = security(ticker,"30",rsi(src,len))
rsi1h = security(ticker,"60",rsi(src,len))
rsi2h = security(ticker,"120",rsi(src,len))
rsi4h = security(ticker,"240",rsi(src,len))
rsi1D = security(ticker,"D",rsi(src,len))

plot(rsiCurrent, color=red, title="RSI current")

plot(show5m ? rsi5m : na, color=interval < 5 and not isdaily and not isweekly and not ismonthly ? #aaaaaa : na, title="RSI 5m")
plot(show15m ? rsi15m : na, color=interval < 15 and not isdaily and not isweekly and not ismonthly ? #999999 : na, title="RSI 15m")
plot(show30m ? rsi30m : na, color=interval < 30 and not isdaily and not isweekly and not ismonthly ? #888888 : na, title="RSI 30m")
plot(show1h ? rsi1h : na, color=interval < 60 and not isdaily and not isweekly and not ismonthly ? #777777 : na, title="RSI 1h")
plot(show2h ? rsi2h : na, color=interval < 120 and not isdaily and not isweekly and not ismonthly ? #666666 : na, title="RSI 2h")
plot(show4h ? rsi4h : na, color=interval < 240 and not isdaily and not isweekly and not ismonthly ? #555555 : na, title="RSI 4h")
plot(show1D ? rsi1D : na, color=not isdaily and not isweekly and not ismonthly ? #444444 : na, title="RSI 1D")
  • #44
  • Mar 6, 2023 3:24pm Mar 6, 2023 3:24pm
Quoting cpfleger
Choices.... {image}
I like the M15 Chart with M30 and H1 RSI's, good work. Let us know how further testing goes. I'm still focused on M1 atm. Going to update some trades in a few.
  • #45
  • Mar 6, 2023 3:33pm Mar 6, 2023 3:33pm
I've updated the system

for the time being entry should only happen when both RSI's cross on the same candle

i've been testing some other methodologies like when the fast RSI crosses through slow RSI and 50 on the same bar - this shows some great results as well, but needs alot more testing.
  • #46
  • Mar 6, 2023 4:02pm Mar 6, 2023 4:02pm
now for some due diligence - here's the last 10 signals on GBPJPY win or lose. I'll show the most realistic total pip loss or gain potential on each move.

signals are chronologically ordered going from most recent to oldest

think we got something special here

TRADE # 1 WIN
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 22 KB


TRADE # 2 WIN
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 22 KB


TRADE # 3 WIN
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 28 KB


TRADE # 4 WIN
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 24 KB

TRADE # 5 WIN
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 24 KB


TRADE # 6 WIN
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 27 KB


TRADE # 7 WIN
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 25 KB


TRADE # 8 WIN
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 23 KB


TRADE # 9 WIN
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 25 KB


TRADE # 10 WIN
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 23 KB


takeway - don't need a huge stop loss..recent swing seems good enough still WIP.

please go take a look for yourself if you doubt the accuracy
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 26 KB
  • #47
  • Mar 6, 2023 5:13pm Mar 6, 2023 5:13pm
Current signal on GJ
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 26 KB
  • #48
  • Mar 6, 2023 5:38pm Mar 6, 2023 5:38pm
Because I'm scalping a lower time frame, I'm adding volume to the chart because the more traders trading, the higher the trading volume , and the more active the market. The more active the market, the higher the liquidity (availability of counterparties at any given time to exit or enter a trade), hence the tighter the spreads (the difference between ask and bid price) and the less slippage (the difference between the expected fill price and the actual fill price) - in a nutshell, yield to many good trading opportunities and better order execution (a process of filling the requested buy or sell order)
The best time to trade is when the market is the most active and therefore has the largest trading volume , trading all day long will not only deplete a trader's reserves quickly, but it can burn out even the most persistent trader. Knowing when the markets are more active will give traders peace of mind, that opportunities are not slipping away when they take their eyes off the markets or need to get a few hours of sleep
  • #49
  • Mar 6, 2023 5:41pm Mar 6, 2023 5:41pm
for example, on this AUDJPY trade happening right now, I might not want to hop in immediately. It's easy to see at a glance that the volume is dying, trades won't have as much liquidity and momentum to secure those quick pips

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 31 KB


where on this trade a few moments earlier, volume was still on its way up and healthy

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 39 KB


for comparison, look at gold now - this could be a good time to scalp - volume relatively high at a glance

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 45 KB
  • #50
  • Mar 6, 2023 5:46pm Mar 6, 2023 5:46pm
Quoting snowdonred
Been playing with this on MT5, the M1 graphs pay little resemblence to the OP's screenshots on Metatrader for me (compared the same times), or it could be my broker's prices etd. However on higher timeframes this seems an extremely accurate strategy, these are 3 very quick examples that immediately jumped out at me from a lookback CADCHF on 5M with RSI 15M (blue) & 30M (red). {image}{image}{image}
report back on the 5MTF 15RSI/30RSI system, we gotta hone in on the best one
  • #51
  • Mar 6, 2023 6:04pm Mar 6, 2023 6:04pm
Quoting totomagic
Current signal on GJ {image}
Done?

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 31 KB
  • #52
  • Mar 6, 2023 6:07pm Mar 6, 2023 6:07pm
watching AUDUSD...ty scanner

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 26 KB


update* eh, close but no cigar

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 19 KB
  • #53
  • Edited 7:56pm Mar 6, 2023 7:07pm | Edited 7:56pm
AUSUSD possibly
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 32 KB


EDIT - we got a loser...glad we did..it highlighted something interesting. to be cautious when you get quick successive crosses...can show signs of indecision in the market. now we know!
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 35 KB
  • #54
  • Mar 6, 2023 7:41pm Mar 6, 2023 7:41pm
Thanks for the live examples
So USDCNH right now had the good short setup right?
Are you keeping track of all 50 crosses on the 5m 15m rsi crossing the 50s and also of the fast rsi crossing the slow MA if so..im looking forward to the results !

Thats 1 thing that amazes me across the board, folks barely use multipanel or multiple timeframe settings on their indis, while making reference to xyz timeframes and flip their main chart all the time...its so frustating to see
  • #55
  • Edited 8:23pm Mar 6, 2023 8:06pm | Edited 8:23pm
Quoting totomagic
... entry should only happen when both RSI's cross on the same candle ...
Meaning: fast RSI (shorter timeframe RSI) crosses slow RSI (longer timeframe RSI) up or down as the case may be? (i.e. RSIs cross each other, and level 50 does not matter).
Thank you.
  • #56
  • Mar 6, 2023 8:14pm Mar 6, 2023 8:14pm
Quoting MidnightRun
{quote} Meaning: fast RSI (shorter timeframe RSI) crosses slow RSI (longer timeframe RSI) up or down as the case may be? Thank you.
meaning when the short tf rsi and higher tf rsi should cross the 50 level.....it should happen on the same bar. (on the same minute)

fast RSI (shorter timeframe RSI) does not need to cross slow RSI (longer timeframe RSI)..as long as they both cross the 50 simultaneously.

hope that clarifies
  • #57
  • Mar 6, 2023 8:39pm Mar 6, 2023 8:39pm
How can you observe all the pairs while the timeframe is only 1M, do you use any notification tool that supports it? sorry for my english
  • #58
  • Mar 6, 2023 8:42pm Mar 6, 2023 8:42pm
Quoting tienphuc2910
How can you observe all the pairs while the timeframe is only 1M, do you use any notification tool that supports it? sorry for my english
i'm using an RSI scanner that finds pairs on M5 and M15 that are between the levels of 49-51...and then highlights them on the side
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 11 KB
  • #59
  • Mar 6, 2023 10:17pm Mar 6, 2023 10:17pm
Quoting totomagic
{quote} report back on the 5MTF 15RSI/30RSI system, we gotta hone in on the best one
I'm thinking you are not going to get them crossing on the same candle, given the longer rsi only draws every 30 mins.
Good Trading
  • #60
  • Mar 7, 2023 1:08am Mar 7, 2023 1:08am
Quoting aud
{quote} I'm thinking you are not going to get them crossing on the same candle, given the longer rsi only draws every 30 mins.
Yes the higher the timeframe you go the more latitude you have to give for both lines crossing the -50 line so on higher timeframes this may not be too accurate. I am looking on 15M with 30M/1H RSis at the moment and it's pretty vague. I would say this strat is definitely geared towards the scalping side fo trading as opposed to swing/trend following.
0 traders viewing now