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RSI Daily Pivot Point System

  • #61
  • Jan 8, 2007 8:27pm Jan 8, 2007 8:27pm
Quoting mrSmoothy
Sounds about right. i did make my trades based on another system. It looks like GBP/USD RSI did not come up from 30 although now above 40, sloping up but flattening so i wouldn't be suprised to see a slight pull back (which is where i like to buy), then another shot up that will push the RSI over 50 triggering your system long and moving further up .. but until then stick with your system.
That's what I thought! Good luck this week with your trades



Also, my short position was closed in GBP/USD for 200 PIPS profit.

So for those of you following I sold at 1.9636 and was stopped out at 1.9436
  • #62
  • Edited 9:34pm Jan 8, 2007 8:57pm | Edited 9:34pm
Thanks for your answers! I have one more question. Does the 100 or previous Hi/Lo (whichever is less rule) for stops apply to each closing bar during an ongoing trade? Or just at the beginning of a trade?
I lied, i have just one more. If you are quite a ways from the magic number in the right direction before the RSI confirms, do you enter with the RSI?
  • #63
  • Jan 8, 2007 9:30pm Jan 8, 2007 9:30pm
Thanks for your post,

Would I always be making a trade on the 3rd bar from the pivot point?
Dave

PS
Does this work well with other currencies?
  • #64
  • Jan 8, 2007 9:37pm Jan 8, 2007 9:37pm
Could you tell me if this looks correct?


Would have bought at 1.8781, rsi is sloping up?
Attached Image
  • #65
  • Jan 8, 2007 10:09pm Jan 8, 2007 10:09pm
Quoting kharvell
Could you elaborate more on where you are getting these numbers? I assume that you are not using my system, as I am looking to buy gbp/usd at around 1.945 or so..
Hi kharvell
Thanks for sharing your system. I'm very keen on learning a daily system
cos smaller time frames often drive me crazy esp with Cable.

One question, please.
Wasn't yesterday's (7 Jan) bar the new pivot with Low @ 1.9262 and
High @1.9405 ?

If so, isn't then the magic no for a buy @ 1.9408, and that RSI
is turning up from 30 plus to above 40? So, should be be Long
at 1.9408?? Also, RSI didn't go to a low of 30, only 33. Does
this still satisfy the conditions?

Appreciate your advice. Thanks

fj
  • #66
  • Jan 8, 2007 10:37pm Jan 8, 2007 10:37pm
Thanks Kharvell for sharing your system with the FF community. It is a nice daily system.
I have put up a chart showing the RSI on open and close for reference. I am not yet sure about any significance....but it is interesting to see anyway.

FJFX......as you see I have similar prices to you but not exactly the same figures. We will all have different prices as we all use different platforms and data feed
Attached Image
  • #67
  • Jan 8, 2007 10:56pm Jan 8, 2007 10:56pm
what are your thoughts on this one? would this be an appropriate pivot?


http://img161.imageshack.us/img161/9...enshot1rk5.png

Limit buy set at 1.3055
Same Whore .... Different Dress
  • #68
  • Jan 9, 2007 1:05am Jan 9, 2007 1:05am

If our magic number 1.8969 is reached and the RSI(10) is sloping UP, ABOVE 50, then we BUY.


If our magic number 1.8969 is reached and the RSI(10) is sloping UP,
JUST came from 30, and now ABOVE 40, then we BUY.

If our magic number 1.8969 is reached and the RSI(10) is sloping DOWN,
ABOVE 50, we do NOTHING.

Otherwise, If our magic number 1.8969 is reached and the RSI(10) is BELOW 50 we do NOTHING.



Hi Kharvell,

Thanks for sharing your system. Very Helpful. I want to make sure how you trade with RSI(10). Let's look at today's USDJPY.
According my InterbankFx deta, the magic number should be 119.04 (Mimimum/Maximum of Jan 05). My question is the RSI(10) already over 60, would you enter the long position if today's bar reach the magic number? Do you limit the long/short entry if RSI(10) higher/lower certain level?

Thanks a lot.


  • #69
  • Jan 9, 2007 3:15am Jan 9, 2007 3:15am
Quoting drayco
Thanks for your answers! I have one more question. Does the 100 or previous Hi/Lo (whichever is less rule) for stops apply to each closing bar during an ongoing trade? Or just at the beginning of a trade?
I lied, i have just one more. If you are quite a ways from the magic number in the right direction before the RSI confirms, do you enter with the RSI?
The 100 Pip or Min/Max rule should only apply during the beginning of the trade.. After that, you must use the "Magic number" assuming each bar there after will be a pivot... I hope this makes sense, but please let me know if id does not.

If you are quite aways from the Magic #, chances are your 3 days have expired or you're just trying to shoot fish in a barrel... My point is that if the RSI indicates within 3 days of a passing pivot point and GOOD RSI indicator, then do what you need to do... Otherwise, historically speaking, it is not worth the risk to make the trade..
  • #70
  • Jan 9, 2007 3:19am Jan 9, 2007 3:19am
Quoting dave1964
Thanks for your post,

Would I always be making a trade on the 3rd bar from the pivot point?
Dave

PS
Does this work well with other currencies?
Not too sure what your question is here, but my response will be that you can have 3 BARS between the PIVOT and today, otherwise, chances are it will be not worth it!

And, if you look at the back tests of other currencies(look at first post), it turns out that this method IS effective, but it seems so far that it is MOST effective in volatile pairs!
  • #71
  • Jan 9, 2007 3:27am Jan 9, 2007 3:27am
Quoting dave1964
Could you tell me if this looks correct?


Would have bought at 1.8781, rsi is sloping up?
IF I were to trade strictly upon your chart, I would buy when you did, but as you can see a max develops, thus creating a new pivot point in 1 bar! so I would sell at the LOW of that max which looks to be at around 1.8860 or so!
  • #72
  • Jan 9, 2007 3:33am Jan 9, 2007 3:33am
Quoting fjfx
Hi kharvell
Thanks for sharing your system. I'm very keen on learning a daily system
cos smaller time frames often drive me crazy esp with Cable.

One question, please.
Wasn't yesterday's (7 Jan) bar the new pivot with Low @ 1.9262 and
High @1.9405 ?

If so, isn't then the magic no for a buy @ 1.9408, and that RSI
is turning up from 30 plus to above 40? So, should be be Long
at 1.9408?? Also, RSI didn't go to a low of 30, only 33. Does
this still satisfy the conditions?

Appreciate your advice. Thanks

fj
fjfx,

I'm supposing that we have different brokers, but essentially, you have the fundamentals of my system to a T! The recent minimum I have for GBP/USD is 1.9248 and the magic # is around 1.945. However, the RSI for one DID NOT go to 30, so it DOES NOT qualify, we will see in the future whether or not we missed out or not! If it is to go above 50 within the next couple of days, then we will buy! I will post when and IF I enter a long trade!

Hope this helps! Good luck
  • #73
  • Jan 9, 2007 3:36am Jan 9, 2007 3:36am
Quoting Antra
Thanks Kharvell for sharing your system with the FF community. It is a nice daily system.
I have put up a chart showing the RSI on open and close for reference. I am not yet sure about any significance....but it is interesting to see anyway.

FJFX......as you see I have similar prices to you but not exactly the same figures. We will all have different prices as we all use different platforms and data feed
Antra,

Thanks for your chart there! I would say that if the RSI there is coming from 30, then you will most likely have a BUY coming up as soon as the price hits the HIGH of your pivot! I understand that different brokers have different prices, and I look forward to your results with YOUR broker
  • #74
  • Jan 9, 2007 3:42am Jan 9, 2007 3:42am
Quoting johnedoe
what are your thoughts on this one? would this be an appropriate pivot?


http://img161.imageshack.us/img161/9...enshot1rk5.png

Limit buy set at 1.3055
With time, this could POTENTIALLY be a good BUY, however as of now, I do not feel as though this is a good trade! I would wait til the RSI is ABOVE 50 FOR SURE and according to YOUR graph, you can see that the RSI is moving very flatly(mainly due to a NEW bar opening) but chances are, at least on a short term level, that you will profit! It is when the RSI will match that will tell you whether or not you are in a profitable LONG TERM trade!

Hope this helps!
  • #75
  • Jan 9, 2007 3:47am Jan 9, 2007 3:47am
Quoting szbear

If our magic number 1.8969 is reached and the RSI(10) is sloping UP, ABOVE 50, then we BUY.


If our magic number 1.8969 is reached and the RSI(10) is sloping UP,
JUST came from 30, and now ABOVE 40, then we BUY.

If our magic number 1.8969 is reached and the RSI(10) is sloping DOWN,
ABOVE 50, we do NOTHING.

Otherwise, If our magic number 1.8969 is reached and the RSI(10) is BELOW 50 we do NOTHING.



Hi Kharvell,

Thanks for sharing your system. Very Helpful. I want to make sure how you trade with RSI(10). Let's look at today's USDJPY.
According my InterbankFx deta, the magic number should be 119.04 (Mimimum/Maximum of Jan 05). My question is the RSI(10) already over 60, would you enter the long position if today's bar reach the magic number? Do you limit the long/short entry if RSI(10) higher/lower certain level?

Thanks a lot.



szbear,

I am happy to help! Good analysis on the USD/JPY! I actually have just BOUGHT at 119.07! The RSI is looking mighty FANTASTIC, so this is an ideal trade! As USD/JPY is ranging as of late, it might not get the 300 PIP profit we shoot for, but it is certainly worth the shot! And as your last question asks, there is no limit to the RSI more than the scenarios I have posted. If you can think of a more profitable scenario, DO let me know, but as of now, that is it! Just look at those scenarios, and those are the ONLY limits!

Good luck!
  • #76
  • Jan 9, 2007 7:15am Jan 9, 2007 7:15am
I hope I have this right, to determine a max high or low a bar closes and the previous bar is lets say is lower than todays bar, then todays bar closes and the next bar also is lower, so our day 2 bar would be a high point? Then we would use the low end of the day 2 bar as our target number to sell plus the spread? So should we be looking at 3 bars to determine our projections?
Thanks.
  • #77
  • Jan 9, 2007 7:49am Jan 9, 2007 7:49am
Quoting dave1964
I hope I have this right, to determine a max high or low a bar closes and the previous bar is lets say is lower than todays bar, then todays bar closes and the next bar also is lower, so our day 2 bar would be a high point? Then we would use the low end of the day 2 bar as our target number to sell plus the spread? So should we be looking at 3 bars to determine our projections?
Thanks.
Dave

For sell you do not need to add the spread, it is for buy only as the charts mostly plot the bid price.
Regards
  • #78
  • Jan 9, 2007 8:03am Jan 9, 2007 8:03am
Hey kharvell,

Thanks for sharing your system. I must have the same broker as fjfx, because I'm in on the same signal. The magic number was hit right after the close of yesterday's bar.

Quoting kharvell
fjfx,

I'm supposing that we have different brokers, but essentially, you have the fundamentals of my system to a T! The recent minimum I have for GBP/USD is 1.9248 and the magic # is around 1.945. However, the RSI for one DID NOT go to 30, so it DOES NOT qualify, we will see in the future whether or not we missed out or not! If it is to go above 50 within the next couple of days, then we will buy! I will post when and IF I enter a long trade!

Hope this helps! Good luck
Is your SL my TP?
  • #79
  • Jan 9, 2007 11:34am Jan 9, 2007 11:34am
I'm usually a pretty quick study on the rules of methods but after reading through post#1 ten or so times I find that I'm just not understanding it. No offense to the author who has been kind enough to share his work, but would someone who understands the method please explain it briefly (perhaps with a simple example)? Maybe I just need to see the rules rephrased in someone else's words...

Thank you,
Lou G
Old Benjamin was right
  • #80
  • Jan 9, 2007 11:54am Jan 9, 2007 11:54am
Quoting Antra
Thanks Kharvell for sharing your system with the FF community. It is a nice daily system.
I have put up a chart showing the RSI on open and close for reference. I am not yet sure about any significance....but it is interesting to see anyway.

FJFX......as you see I have similar prices to you but not exactly the same figures. We will all have different prices as we all use different platforms and data feed
Very clever Antra - how did you get the two RSI's into the same chart window (I'm assuming that's MT4 I'm looking at)?
Old Benjamin was right
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