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RSI Daily Pivot Point System

  • #101
  • Jan 9, 2007 10:45pm Jan 9, 2007 10:45pm
Quoting kenmania
Okay. You're trading your system very loosley in other words. Gotchya.
Yes, some might say that

Honestly though, when you have been staring at pivot points for 2 weeks straight, some things just seem to make sense intuitively. The "gut" feeling you might say
  • #102
  • Jan 9, 2007 10:48pm Jan 9, 2007 10:48pm
Quoting kharvell
Yes, some might say that

Honestly though, when you have been staring at pivot points for 2 weeks straight, some things just seem to make sense intuitively. The "gut" feeling you might say
Well, seeing how my long is a paper trade, and your short is likely a live trade, here's to hoping the bar stays red (short).

Is your SL my TP?
  • #103
  • Jan 9, 2007 10:53pm Jan 9, 2007 10:53pm
Quoting kenmania
Well, seeing how my long is a paper trade, and your short is likely a live trade, here's to hoping the bar stays red (short).

Haha, I've got my fingers crossed It seems as though 50% of cable traders are gonna be a bit bummed when they find out they guessed wrong, as NOBODY knows where it's going
  • #104
  • Jan 9, 2007 11:02pm Jan 9, 2007 11:02pm
Quoting Lou G
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)?
Not clever really just picked it up from another thread.
Yes tis MT4 on alpari data

Firstly place an RSI indicator on the chart and set it to Period 10 and on 'close'.
Then from the 'Navigator' drag and drop another RSI on top of the first RSI and set this one to period 10 as well and colour it something different to the first one AND in the APPLY to window select the option that says 'First Indicators Data' and there you have it.

Now as far as trying to see if it makes a difference ...I am testing this still but it seems that a cross of the two RSI's might give us some clues. Nothing conclusive as yet though but if something does work better then I will let you know.

Fractals on the chart also give a nice aid when looking back on data.

And...there is a great post over on the MT4 thread written by Hanover and it is tips and hints on MT4. As I have been using this platform for a couple of years I thought I knew it all : but I picked up a lot of handy stuff...
http://www.forexfactory.com/forexfor...84&postcount=1

Cheers

Antra
  • #105
  • Jan 10, 2007 3:32am Jan 10, 2007 3:32am
Quoting kenmania
I'm long on the 01/08 pivot @1.9413 (price exeeded the magic number after the closing bar yesterday rather quickly and I jumped- but this is demo). RSI was above 30 and and approaching 40 at the time I entered.

S/L @ 1.9313.

This position was in profit by more than 40 pips at one point since entering, but as I said- it's a demo and I'm testing the system. We shall see...


ken
RSI did not hook up from 30 level, therefore you should have waited until it crossed 50 to trigger a buy as opposed to 40 level, which did not.
Regards
  • #106
  • Jan 10, 2007 7:06am Jan 10, 2007 7:06am
ok, here is the stupid question for this thread!!

what is RSI?? sorry, i am still learning all the language here.

the software i have does not use "candles", it uses buying and selling pressure graphs, so i see volume and it takes every trade,buy and sell, and shows direction of price. i am sure i could graph this myself as homework to set my pivot points, but rsi is baffling me.

fyi, i think the end of the day is 1630 est, but that is when my software resets.

thanks
  • #107
  • Jan 10, 2007 7:07am Jan 10, 2007 7:07am
Quoting Antra
Not clever really just picked it up from another thread.
Yes tis MT4 on alpari data

Firstly place an RSI indicator on the chart and set it to Period 10 and on 'close'.
Then from the 'Navigator' drag and drop another RSI on top of the first RSI and set this one to period 10 as well and colour it something different to the first one AND in the APPLY to window select the option that says 'First Indicators Data' and there you have it.

Now as far as trying to see if it makes a difference ...I am testing this still but it seems that a cross of the two RSI's might give us some clues. Nothing conclusive as yet though but if something does work better then I will let you know.

Fractals on the chart also give a nice aid when looking back on data.

And...there is a great post over on the MT4 thread written by Hanover and it is tips and hints on MT4. As I have been using this platform for a couple of years I thought I knew it all : but I picked up a lot of handy stuff...
http://www.forexfactory.com/forexfor...84&postcount=1

Cheers

Antra
Thanks for the info Antra, I look forward to hearing about the RSI's
  • #108
  • Jan 10, 2007 7:12am Jan 10, 2007 7:12am
Quoting mtrmth
ok, here is the stupid question for this thread!!

what is RSI?? sorry, i am still learning all the language here.

the software i have does not use "candles", it uses buying and selling pressure graphs, so i see volume and it takes every trade,buy and sell, and shows direction of price. i am sure i could graph this myself as homework to set my pivot points, but rsi is baffling me.

fyi, i think the end of the day is 1630 est, but that is when my software resets.

thanks
RSI stands for Relative Strength Index. When it goes up it means, buyers have more strength and when it goes down, it means sellers have more strength. While this is good to know, for the purposes of my system you just need to look at the #'s and the slope. The values of RSI will range from 0 to 100.

And I've never heard of a charting package without candles; maybe look around to see what you can find?

Good luck to you
  • #109
  • Jan 10, 2007 7:12am Jan 10, 2007 7:12am
Quoting howard
RSI did not hook up from 30 level, therefore you should have waited until it crossed 50 to trigger a buy as opposed to 40 level, which did not.
This is true...RSI was actually hooking up from 33- everything about this trade was forcing the outter limits of the rules. It should've been a no-trade.

Thanks for pointing this out.

ken
Is your SL my TP?
  • #110
  • Jan 10, 2007 7:53am Jan 10, 2007 7:53am
Alright, some activity for any followers,

Pretty much another losing trade
LONG AUD/JPY @ 93.13 Stopped out 92.79 = -34 PIPS
Set Sell order for 92.77

Current trades:
Attached Image
  • #111
  • Jan 10, 2007 9:10am Jan 10, 2007 9:10am
I set up a bunch of entry orders on yesterdays pivot points before going to bed I woke up to find I'm in 7 different pairs. They were all in the negative for a while but now positive a total of 20 pips.
What I find incredibley interesting is that they all hovered around thier own previous day high or low at exactly the same time. Now they are slowly moving into profit together. I know the whole market moves together but this is facinating to watch.
Theoretically one could just go big in one or two pair and profit just the same as a little in 10 different pairs. At least it looks that way.
  • #112
  • Jan 10, 2007 11:32am Jan 10, 2007 11:32am
I'm still confused (a little) - in the original docs the author states "close trade when a new pivot forms" (I'm assuming this means in the opposite direction as the previous pivot) but Howard, in his clarification post says "there are no exits, wait for trade to stop out". Am I still missing something obvious? Should a trade be closed when a pivot forms in the opposite direction or should trades be exited only by being allowed to hit the stop? Any help is much appreciated.
Old Benjamin was right
  • #113
  • Jan 10, 2007 1:16pm Jan 10, 2007 1:16pm
Quoting Lou G
I'm still confused (a little) - in the original docs the author states "close trade when a new pivot forms" (I'm assuming this means in the opposite direction as the previous pivot) but Howard, in his clarification post says "there are no exits, wait for trade to stop out". Am I still missing something obvious? Should a trade be closed when a pivot forms in the opposite direction or should trades be exited only by being allowed to hit the stop? Any help is much appreciated.
Lou

Both phrases are the same, when a pivot in the other direction is formed you have already moved your stop to the other end of that pivot bar and you would exit when it is hit.

The exception is when the bar forming after the pivot is an inside bar which does not stop you out, in that case you may wait for another day when either it gets you stopped or continues in the direction of your trade.
Regards
  • #114
  • Jan 10, 2007 3:48pm Jan 10, 2007 3:48pm
Just wondering has this strat been tried on a 4 hr or 1 hr charts ?
  • #115
  • Jan 10, 2007 4:24pm Jan 10, 2007 4:24pm
Quoting FiboFan
I set up a bunch of entry orders on yesterdays pivot points before going to bed I woke up to find I'm in 7 different pairs. They were all in the negative for a while but now positive a total of 20 pips.
What I find incredibley interesting is that they all hovered around thier own previous day high or low at exactly the same time. Now they are slowly moving into profit together. I know the whole market moves together but this is facinating to watch.
Theoretically one could just go big in one or two pair and profit just the same as a little in 10 different pairs. At least it looks that way.
FiboFan,

I'm curious, are you using the RSI to indicate as well or just the pivot points?
And you're right, about using a lot of pairs( I don't know about 10), but I find it better because you have more chances to guess right.

Good luck to you

Quote
Just wondering has this strat been tried on a 4 hr or 1 hr charts ?

Billy,

I have only tried 1 hour and 3 hour in backtesting, it seems to be more prone to false breakouts on these smaller time frames(thus, more losses). Also, the PIP gains are not nearly as huge per trade.




Well then, I have completed my drive from Indiana to Texas, and let me tell you, my arse is SORE!

It seems as though both my orders that I had placed have been executed, and I am now in all four pairs I trade!

Here they are:

I'm liking this USD/CHF trend
Attached Image
  • #116
  • Jan 10, 2007 4:39pm Jan 10, 2007 4:39pm
Quote
Both phrases are the same, when a pivot in the other direction is formed you have already moved your stop to the other end of that pivot bar and you would exit when it is hit.

Thanks again, Howard. I WILL get to understand this eventually
Old Benjamin was right
  • #117
  • Jan 10, 2007 6:42pm Jan 10, 2007 6:42pm
Blahh got stopped out of my AUD/JPY trade, because I did not follow my rule of trading towards the end of the day.. I am now long AUD/JPY instead of short
  • #118
  • Jan 10, 2007 7:32pm Jan 10, 2007 7:32pm
Quoting kharvell


Billy,

I have only tried 1 hour and 3 hour in backtesting, it seems to be more prone to false breakouts on these smaller time frames(thus, more losses). Also, the PIP gains are not nearly as huge per trade.
Yes was thinking it might be more prone to breakouts. When did u enter your cable trade just wondering how or where did u get the pivot of 1.9334 ? A small chart would probably explain things a lot easier, if u could !
  • #119
  • Jan 10, 2007 7:38pm Jan 10, 2007 7:38pm
kharvell......
Did you get stoped out of you cable short?
Same Whore .... Different Dress
  • #120
  • Jan 11, 2007 1:55am Jan 11, 2007 1:55am
Quoting howard
Lou


The exception is when the bar forming after the pivot is an inside bar which does not stop you out, in that case you may wait for another day when either it gets you stopped or continues in the direction of your trade.

Hi Howard and Kharvell

Need some clarifications, please.

Inside Days :
For inside days, do you leave the pivot points ( & magic numbers) at the
previous day's H/L? Meaning the the highs & Lows of the Inside day is
ignored"?


Outside Days :
For outside days, since the High of the current day is Higher than the previous high and the Low of the current day is lower than the previous low, does it mean the trade will be naturally stopped out and reversed?

Is this how you would trade outside days?
Or, would you just let it be stopped out. Then use the H/L of the outside
days as the new entry trigger??

Would appreciate any help! Thanks

fj
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