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RSI Daily Pivot Point System

  • #121
  • Jan 11, 2007 6:36am Jan 11, 2007 6:36am
Is there anyone out there who could code an MT4 indicator for this system which highlights when there is a buy or sell situation? It shouldn't be too difficult for someone who knows what they are doing (not me!) - just look for the pivot point, check the RSI and highlight the buy/sell & stop loss points ?

I think it would simplify things for those struggling with the system, or for those using it over multiple currency pairs.

Thanks!

Jason.

  • #122
  • Jan 11, 2007 9:29am Jan 11, 2007 9:29am
I'm writing an indicator but doing it in stages - would someone who really understands this method take a look at the attached chart? The red/green arrows are intended to identify the pivots. The indicator is waiting until the bar AFTER the potential high/low is completely closed before calling it an authentic pivot, which I think is correct.

If this looks okay to those who know, I will continue to work on the other aspects of the indicator. Ignore the buy/sell lines on the chart - they are related to another method I am testing.
Attached Image
Old Benjamin was right
  • #123
  • Jan 11, 2007 9:36am Jan 11, 2007 9:36am
Yes, I got stopped out of cable

And I would like to say good bye for now, as I am having some family problems, I probably won't be here. Good luck to all
  • #124
  • Jan 11, 2007 10:02am Jan 11, 2007 10:02am
I am sorry to hear you are haveing some family problems, I hope they will be resolved and all will turn out OK, we will miss you in your absence, thank you for your generosity, and we hope to see you back again.
Our prayers are with you.
Same Whore .... Different Dress
  • #125
  • Jan 11, 2007 10:14am Jan 11, 2007 10:14am
Quoting Lou G
I'm writing an indicator but doing it in stages - would someone who really understands this method take a look at the attached chart? The red/green arrows are intended to identify the pivots. The indicator is waiting until the bar AFTER the potential high/low is completely closed before calling it an authentic pivot, which I think is correct.

If this looks okay to those who know, I will continue to work on the other aspects of the indicator. Ignore the buy/sell lines on the chart - they are related to another method I am testing.
Lou

Some of the fractals on the bars have been formed as a result of Sunday bars, in my opinion these should be ignored.

As you may be aware this method, apart from profit targets, is very similar to fozzy daily for which an indicator was coded and in the thread it was agreed that we have to use charts without weekend bars for the indicator to be efficient.

Other than this point, the fractals are in fact showing high and low pivots on your chart.
Regards
  • #126
  • Jan 11, 2007 10:29am Jan 11, 2007 10:29am
Quoting howard
Lou

Some of the fractals on the bars have been formed as a result of Sunday bars, in my opinion these should be ignored.

As you may be aware this method, apart from profit targets, is very similar to fozzy daily for which an indicator was coded and in the thread it was agreed that we have to use charts without weekend bars for the indicator to be efficient.

Other than this point, the fractals are in fact showing high and low pivots on your chart.
My broker of choice is Interbank and I'm not sure that ignoring weekend bars is optional with them as it is with Oanda. I will probably have to code around this. Thanks for your input.

Lou
Old Benjamin was right
  • #127
  • Jan 11, 2007 10:34am Jan 11, 2007 10:34am
oh no, who is going to answer my questions now. we are with you pal, whatever it is, hope you will bounce back.

thanks for sharing with us this wonderful system.

Quoting kharvell
Yes, I got stopped out of cable

And I would like to say good bye for now, as I am having some family problems, I probably won't be here. Good luck to all
  • #128
  • Edited 9:21pm Jan 13, 2007 3:57pm | Edited 9:21pm
How is everybody doing with this strategy?
lets see if we can keep this going and maybe fine tune it a little bit more, though don't really think it needs it.

here is the system with only 3 indicators, they support each other for confirmation....

http://img69.imageshack.us/img69/355/screenshot2mf3.png
Same Whore .... Different Dress
  • #129
  • Jan 14, 2007 11:21am Jan 14, 2007 11:21am
Quoting johnedoe
How is everybody doing with this strategy?
lets see if we can keep this going and maybe fine tune it a little bit more, though don't really think it needs it.

here is the system with only 3 indicators, they support each other for confirmation....

http://img69.imageshack.us/img69/355/screenshot2mf3.png
Hey everyone,

Thanks for your good wishes, I should be back for the moment. Unfortunately I won't be able to provide you with "excellent visuals" , but I'll try and keep you updated on what I'm doing!

Also,
John,

I like what you are doing by putting the 30 minute up and shrinking it using stochastics. However, my intentions with my system was to KISS (keep it simple, stupid). I'm also questioning whether you have the correct RSI value if you wanted to convert it to 10 on a daily. When you get a chance, explain your thought process on why you think this is an improvement!

Thanks,

Kevin

Some of you may be curious as to what trades I have open:

USD/CHF LONG @ 1.2156 = 311 PIPS S/L 1.2441
USD/JPY LONG @ 119.07 = 121 PIPS S/L 120.13
AUD/JPY LONG @ 93.47 = 75 PIPS S/L 93.75

Thinking about entering GBP/USD LONG if tomorrow ends up being a good day.

Good luck,

Kevin
  • #130
  • Edited 7:49pm Jan 14, 2007 11:46am | Edited 7:49pm
Good to see you back kharvell......

I'm not using stochs' the indicators are .... SMA 25.....PSAR 0.002, 0.02, and a 21 RSI.... I use this on my daily trading and entry signals, This system just lets me scalp a few extra pips while the longer trade is running.
the adjustments of the indicators just make them react a little quicker. Also I find there is really no need to use 2 MAs since I am looking for the price to cross the MA with the RSI confirming the new direction.....
The PSAR also helps with the determination of entry ..... it is best used with the trend since it will lead to false signals in a ranging market, also longer time frames.
Same Whore .... Different Dress
  • #131
  • Jan 14, 2007 11:17pm Jan 14, 2007 11:17pm
the conditions for a long in cable has been met, so i dont understand why you will want to wait and see what tomorrow brings before you enter the trade. are there any other factors we need to be looking out for or should we apply some discretion to the signals?

Quoting kharvell
Hey everyone,

Thanks for your good wishes, I should be back for the moment. Unfortunately I won't be able to provide you with "excellent visuals" , but I'll try and keep you updated on what I'm doing!

Also,
John,

I like what you are doing by putting the 30 minute up and shrinking it using stochastics. However, my intentions with my system was to KISS (keep it simple, stupid). I'm also questioning whether you have the correct RSI value if you wanted to convert it to 10 on a daily. When you get a chance, explain your thought process on why you think this is an improvement!

Thanks,

Kevin

Some of you may be curious as to what trades I have open:

USD/CHF LONG @ 1.2156 = 311 PIPS S/L 1.2441
USD/JPY LONG @ 119.07 = 121 PIPS S/L 120.13
AUD/JPY LONG @ 93.47 = 75 PIPS S/L 93.75

Thinking about entering GBP/USD LONG if tomorrow ends up being a good day.

Good luck,

Kevin
  • #132
  • Jan 14, 2007 11:44pm Jan 14, 2007 11:44pm
Sundays can be kind of decieving since the market is a bit thin, at least for me, can't answer for kharvell though.
Same Whore .... Different Dress
  • #133
  • Jan 15, 2007 1:16am Jan 15, 2007 1:16am
i know we ignore the weekend data, but if at the end of friday, we have a long signal like we have on cable, shouldn't we enter and go long as soon as monday starts, ignoring what happens on sunday?

Quoting johnedoe
Sundays can be kind of decieving since the market is a bit thin, at least for me, can't answer for kharvell though.
  • #134
  • Jan 15, 2007 4:23am Jan 15, 2007 4:23am
I think it's better to wait until the daily downtrendline is broken, but I'm long since friday and +170 pips...

http://img226.imageshack.us/img226/8...p070115sn4.gif
  • #135
  • Jan 15, 2007 2:27pm Jan 15, 2007 2:27pm
Quoting johnedoe
Good to see you back kharvell......

I'm not using stochs' the indicators are .... SMA 25.....PSAR 0.002, 0.02, and a 21 RSI.... I use this on my daily trading and entry signals, This system just lets me scalp a few extra pips while the longer trade is running.
the adjustments of the indicators just make them react a little quicker. Also I find there is really no need to use 2 MAs since I am looking for the price to cross the MA with the RSI confirming the new direction.....
The PSAR also helps with the determination of entry ..... it is best used with the trend since it will lead to false signals in a ranging market, also longer time frames.
John,

STOCHASTICS! I don't know what I'm talking about half the time .. And it sounds good for short term.. My next step is to try and create a system that is effective for short term, but we'll have to see how that goes. I'm glad you have found something that works for you.

Good luck,

Kevin

Quote
the conditions for a long in cable has been met, so i dont understand why you will want to wait and see what tomorrow brings before you enter the trade. are there any other factors we need to be looking out for or should we apply some discretion to the signals?

Yes, if I am looking to enter, and today is just getting a beating, I don't think I would enter on a red bar day. Like I said, a red bar would indicate negative slope in RSI, and that would not be a condition to enter. So, that's really what I'm looking for today. BTW I did enter ANd I agree with John, I am usually cautious after weekends.

Quote
I think it's better to wait until the daily downtrendline is broken, but I'm long since friday and +170 pips...

Congratulations on your MANY PIPS

I will post more later tonight or tomorrow with specifics about recent trades!
  • #136
  • Jan 15, 2007 2:46pm Jan 15, 2007 2:46pm
Quote
Congratulations on your MANY PIPS

Thank you!
I got stopped out, waiting for a break of the trendline or a movement down... I don't care, as long as I get my profit
  • #137
  • Jan 15, 2007 5:51pm Jan 15, 2007 5:51pm
Alright then,

I have one more completed trade:

LONG USD/JPY @ 119.07 SOLD @ 120.13 = 106 PIPS

Current trades:

Long USD/CHF @ 1.2156 S/L 1.2441 = 329 PIPS
Long AUD/JPY @ 93.47 S/L 93.75 = 96 PIPS
Long GBP/USD @ 1.9643 S/L 1.9543 = 1 PIP

Hopefully everyone else is doing well?
  • #138
  • Jan 15, 2007 9:22pm Jan 15, 2007 9:22pm
Quoting kharvell
Alright then,

I have one more completed trade:

LONG USD/JPY @ 119.07 SOLD @ 120.13 = 106 PIPS

Current trades:

Long USD/CHF @ 1.2156 S/L 1.2441 = 329 PIPS
Long AUD/JPY @ 93.47 S/L 93.75 = 96 PIPS
Long GBP/USD @ 1.9643 S/L 1.9543 = 1 PIP

Hopefully everyone else is doing well?
Hi Kharvell
Glad you are back!
Please share how you enter your Long GBP/USD trade @ 1.9643?
Based on which day's high???

Thanks
fj
  • #139
  • Jan 16, 2007 2:11am Jan 16, 2007 2:11am
Quoting kharvell
Alright then,

I have one more completed trade:

LONG USD/JPY @ 119.07 SOLD @ 120.13 = 106 PIPS

Current trades:

Long USD/CHF @ 1.2156 S/L 1.2441 = 329 PIPS
Long AUD/JPY @ 93.47 S/L 93.75 = 96 PIPS
Long GBP/USD @ 1.9643 S/L 1.9543 = 1 PIP

Hopefully everyone else is doing well?
Yes i'm wondering where u got this cable trade from too, the high yesterday was 1.9667 and the previous days high was 1.9608 !
  • #140
  • Jan 16, 2007 6:18am Jan 16, 2007 6:18am
Quoting Billy73
Yes i'm wondering where u got this cable trade from too, the high yesterday was 1.9667 and the previous days high was 1.9608 !
Well, I should've entered on Friday, but I missed the opportunity, so I just took it yesterday. While it has still been 3 days, I was thinking it might still go up *fingers crossed*
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