Gentlemen, I traded DJones during its peak hours, I made about 4:1 successful trades. I used only a 1min RSI. What I ask for "is there any tested scientific strategy to do so? thanx all
When the RSI14 crosses the 50 centre line up price is in an upwards direction and visa-versa for a downwards position.
On Larger TF this is usually a good indication, don't know if this is what you are looking for and if the movement will be enough to make a profit - spread on the 1min.
When the RSI14 crosses the 50 centre line up price is in an upwards direction and visa-versa for a downwards position.
On Larger TF this is usually a good indication, don't know if this is what you are looking for and if the movement will be enough to make a profit - spread on the 1min.
Gentlemen, I traded DJones during its peak hours, I made about 4:1 successful trades. I used only a 1min RSI. What I ask for "is there any tested scientific strategy to do so?
thanx all
Ignored
So, you used the RSI on the dow jones, then why do you need help with it on the forex. the principle should be the same.
Gentlemen, I traded DJones during its peak hours, I made about 4:1 successful trades. I used only a 1min RSI. What I ask for "is there any tested scientific strategy to do so?
thanx all
Ignored
May I ask how you traded the 1 min RSI for the Dow Jones?
Maybe we could do some testing on the forex starting with your DJ method first.
Rick, What I do just watch the market for 15 mins, and monitoring the RSI on the 1M TF, when the RSI is below or equal to 30 I go Long, TP at 20-40 pips depending on the speed the ticker reaches my target. sure, u should leave this strategy when u have news in the market In my opinion it will not work to trade forex, what I noticed in the Dow its huge volatility on the 1m TF, I think u can compare between its chart and other forex charts. I still realize profit from trading long in the Dow, so I want the experienced traders to test it and help us in shaping a successful method.
I think you will find it difficult to trade 1M charts using any indicator. You would be better in Forex, because of all the "noise", to just use price action and trade with the prevailing 5M or 15M trend. The technique of crossing the 50 up or down as pretty much been proven invalid by a number of professional traders since Welles Wilders book. Professional retail traders use what are called Positive and Negative Reversals on RSI but they are difficult to use on 1M. I use them on 5M and 15M combination with good results.
Anyway, I am ready to help if I can.
