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RSI Daily Pivot Point System

  • #141
  • Jan 16, 2007 7:26am Jan 16, 2007 7:26am
Hello kharvell

Thanks a lot for sharing your system. I've been looking for a KISS system for daily charts, so imagine my enthusiasm for your ideas.

I do, unfortunately, have the dumbest question ever:

You're putting in stop orders to stop you in at the magic numbers, right? And you're doing so in anticipation of an RSI permission, yes?

If not, I can't see how this can be a daily system, nor how you got into your latest USD/CHF trade at 1.2256.

Thanks in advance & best of luck with your family situation,

DSL
  • #142
  • Jan 16, 2007 8:12am Jan 16, 2007 8:12am
Quoting dsl258639
Hello kharvell

Thanks a lot for sharing your system. I've been looking for a KISS system for daily charts, so imagine my enthusiasm for your ideas.

I do, unfortunately, have the dumbest question ever:

You're putting in stop orders to stop you in at the magic numbers, right? And you're doing so in anticipation of an RSI permission, yes?

If not, I can't see how this can be a daily system, nor how you got into your latest USD/CHF trade at 1.2256.

Thanks in advance & best of luck with your family situation,

DSL
Hi DSL

If you're looking for KISS, you've found a VERY good system! And your question is hardly the DUMBEST question ever! You actually caught me! That USD/CHF trade was made at the early stages of my forward testing, where I hadn't decided to wait til the end of each day to make trades. While I am not very good at following this new rule, I believe it would increase success rates. Unfortunately, like most traders, I want to be in it to win it as soon as it starts changing ! Not sure if this is good or bad as of yet, but for now I would say for YOU to wait til the end of the day, until you start to recognize pivots like they are the easiest thing in the world. You will also begin to realize how the RSI is affected by them. Just give it some time!

Good luck to you,
Kevin

ALSO, SOME TRADES HAVE VANISHED (this smily cracks me up)!

Long USD/CHF @ 1.2156 S/L 1.2441 STOPPED OUT = 285 PIPS
Long AUD/JPY @ 93.47 S/L 94.16 STOPPED OUT = 69 PIPS

Trades Holding:

LONG GBP/USD @ 1.9643 S/L 1.9599 = 24 PIPS
(and for those of you wondering about my late entry, for the record, I did take a smaller position size on this one(2000 vs 5000)

LONG USD/JPY @ 120.68 S/L 119.68 = -15 PIPS



AND LASTLY,
I have some rather conclusive and (impressive?) FORWARD TESTING RESULTS:

While I cannot offer you a net(pippage), I can tell you that my account has increased by 8.7% since January 4th! Not bad for a few trades here and there!

Well, good luck to all and to all a good day!
  • #143
  • Jan 16, 2007 9:16am Jan 16, 2007 9:16am
Hey Kevin,

I am excited about the potential of this system. I appreciate your time and effort in passing this information on to us.

Has anyone taken a long trade on EUR/JPY? Did this meet the criteria from last week?

Thanks again.
  • #144
  • Jan 16, 2007 9:25am Jan 16, 2007 9:25am
Quoting Piece Of The Pie
Hey Kevin,

I am excited about the potential of this system. I appreciate your time and effort in passing this information on to us.

Has anyone taken a long trade on EUR/JPY? Did this meet the criteria from last week?

Thanks again.
Hey Piece Of The Pie,

Thanks for your words of encouragement. I am looking at EUR/JPY and it appears I would have taken a long trade on January 11th at around 155.4~. I'm curious as to when you entered, and how you are doing! Let me know.

Kevin
  • #145
  • Jan 16, 2007 10:32am Jan 16, 2007 10:32am
Hey Kevin,

I got in yesterday @155.798 after finding your thread on Sunday.

I am up 24 pips right now. Was up over 50 this morning. Lots of whipsaw going on.

Looking at the RSI, I still think I am going to be ok for a while.

Keep up the good work.
  • #146
  • Jan 16, 2007 11:08am Jan 16, 2007 11:08am
Is there a short signal forming for GBP/USD? A new high is set today, compared to the last three candles... and the RSI is pointing down, haven't crossed below 50 yet...
  • #147
  • Jan 16, 2007 11:12am Jan 16, 2007 11:12am
Quote
Is there a short signal forming for GBP/USD? A new high is set today, compared to the last three candles... and the RSI is pointing down, haven't crossed below 50 yet...

YES, good observation. I would put a lot of marbles in this one because it is "ideal".



Some food for thought:

Last night, I was lying in bed, thinking about forex(lame, I know) and I believe I had an epiphany.

What if you're in a really good trade, shouldn't you PUT MORE IN?!

And alas, I have found a solution today.

Suppose if you will:

You are in long position(TREND UP) the RSI just keeps sloping up, but then on one day the RSI's slope INCREASES MORE.

I think I will buy more the next time I see this.




Welcoming feedback
  • #148
  • Jan 16, 2007 12:55pm Jan 16, 2007 12:55pm
Quoting kharvell
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*
Ah ok makes sense now, thanks !
  • #149
  • Jan 16, 2007 1:43pm Jan 16, 2007 1:43pm
I am new here and need all the help i can get.Your make yous system look easy to use.I'll try it out.......
sometimes,the best trade is to do nothing at all
  • #150
  • Jan 16, 2007 1:48pm Jan 16, 2007 1:48pm
[quote=ramguda]I am new here and need all the help i can get.Your make yourssystem look easy to use.I'll try it out and see for myself.......[you win some,you lose some]
sometimes,the best trade is to do nothing at all
  • #151
  • Jan 16, 2007 2:59pm Jan 16, 2007 2:59pm
Very nice system, I can't wait to start trading it. I think few more things still need to clarify, and I will able to say that I finally understand it completely.

For now I have a question if you don't mind...

Generally:
When a "pivot candle" is formed, are we looking at the current price and potential opportunity to go either LONG or SHORT, or just one of those positions? In another words, does previous candle has 2 "magic numbers", or just one?

More precisely and with actual example:
Let's say I started watching the market TODAY (Jan 16th), and am looking for opportunity to trade your system, i.e. entry condition. I am looking at daily GBPUSD @ OANDA. Today's candle is of course still forming, so I go step by step back. Yesterday's candle looks like the good one to use as orientation. It has min/max of 1.9591/1.9669. Given the spread, our "lower and upper magic numbers" would be 1.9588/1.9672. So:

are we supposed to enter Long if the current price crosses 1.9672, and enter Short if it goes below 1.9588 (assuming that RSI10 conditions are satisfied)?
[ I mean just first of these 2 conditions that happen, not both; we can't ever have 2 trades open because when the condition for 2nd happen, it would definitely mean SL for the first one, right]

_OR_

Is it just the latter - looking only for Short opportunity, because the mentioned candle is some sort of "maximum", and you expect the price to go down?

Thanks a lot for your devotion in educating us how to use your system.

Shone
  • #152
  • Jan 16, 2007 6:14pm Jan 16, 2007 6:14pm
Quoting shone
Very nice system, I can't wait to start trading it. I think few more things still need to clarify, and I will able to say that I finally understand it completely.

For now I have a question if you don't mind...

Generally:
When a "pivot candle" is formed, are we looking at the current price and potential opportunity to go either LONG or SHORT, or just one of those positions? In another words, does previous candle has 2 "magic numbers", or just one?

More precisely and with actual example:
Let's say I started watching the market TODAY (Jan 16th), and am looking for opportunity to trade your system, i.e. entry condition. I am looking at daily GBPUSD @ OANDA. Today's candle is of course still forming, so I go step by step back. Yesterday's candle looks like the good one to use as orientation. It has min/max of 1.9591/1.9669. Given the spread, our "lower and upper magic numbers" would be 1.9588/1.9672. So:

are we supposed to enter Long if the current price crosses 1.9672, and enter Short if it goes below 1.9588 (assuming that RSI10 conditions are satisfied)?
[ I mean just first of these 2 conditions that happen, not both; we can't ever have 2 trades open because when the condition for 2nd happen, it would definitely mean SL for the first one, right]

_OR_

Is it just the latter - looking only for Short opportunity, because the mentioned candle is some sort of "maximum", and you expect the price to go down?

Thanks a lot for your devotion in educating us how to use your system.

Shone
Hey Shone,

Thanks for your compliments, and it seems like a lot of people have trouble with pivots, so don't worry if you feel like you don't get it now. I promise it will come to you.

Basically, you are looking for the high or low to exceed the high or low of yesterday.
So in your example, TODAY has a higher high and the lows are essentially tied with those of yesterday. Therefore, we would look to buy or sell tomorrow based on today's data. Since it is a red bar today, it would be a good idea to assume that we will have a sell tomorrow. Color makes a big difference. This also tells us that if red tomorrow, it will more than likely be a negatively sloping RSI.

I hope this all makes sense.

Good luck,
Kevin
  • #153
  • Jan 17, 2007 8:47am Jan 17, 2007 8:47am
As I understand from this post and my knowledge of charting here are some other names for what are called Pivots in this post:

Fractals
Chaos Fractals
TD Point (Tom DeMark)


Hope this helps ...

So many names for the same concept ... ( love this smiley)

BTW Thank you Kharvell for sharing and taking the time to help others in this forum. It is greatly appreciated.
EllisEdi Moving on to my next trade ...
  • #154
  • Jan 17, 2007 9:38am Jan 17, 2007 9:38am
Quoting EllisEdi
As I understand from this post and my knowledge of charting here are some other names for what are called Pivots in this post:

Fractals
Chaos Fractals
TD Point (Tom DeMark)


Hope this helps ...

So many names for the same concept ... ( love this smiley)

BTW Thank you Kharvell for sharing and taking the time to help others in this forum. It is greatly appreciated.
Who knew there were that many names for pivots()! Thanks for your help EllisEdi, and thanks for the encouragement! It's nice to know someone else likes that smiley, too



So, no one acknowledged my epiphany, so I will be reposting it as I feel it is important to my system:

Quote
Some food for thought:

Last night, I was lying in bed, thinking about forex(lame, I know) and I believe I had an epiphany.

What if you're in a really good trade, shouldn't you PUT MORE IN?!

And alas, I have found a solution today.

Suppose if you will:

You are in long position(TREND UP) the RSI just keeps sloping up, but then on one day the RSI's slope INCREASES MORE.

I think I will buy more the next time I see this.


Also, did everyone see GBP/USD?! It's being tricky!!! Luckily I'm still in long from a couple of days ago. I would look to go long if it breaks yesterday's high! Just a thought...

Good luck
  • #155
  • Jan 17, 2007 10:04am Jan 17, 2007 10:04am
Quoting kharvell
Also, did everyone see GBP/USD?! It's being tricky!!! Luckily I'm still in long from a couple of days ago. I would look to go long if it breaks yesterday's high! Just a thought...

Good luck

Hi Kharvell.. Do we have the confirmation of the set up? today's reached yesterday's high PLUS spread... Please advise...
  • #156
  • Jan 17, 2007 10:14am Jan 17, 2007 10:14am
Quoting EllisEdi
As I understand from this post and my knowledge of charting here are some other names for what are called Pivots in this post:

Fractals
Chaos Fractals
TD Point (Tom DeMark)


Hope this helps ...

So many names for the same concept ... ( love this smiley)

BTW Thank you Kharvell for sharing and taking the time to help others in this forum. It is greatly appreciated.

In my opinion the correct name would be Pivot High and Pivot Low
Regards
  • #157
  • Jan 17, 2007 10:25am Jan 17, 2007 10:25am
cesarnc

In order to go long, a Pivot Low should be in place; the last pivot low which I can see has been on the 11th Jan and you should have gone long on the 12th.

The method which you are trying to implement is "the break of previous day's high" which is a different issue.

Of course kevin will explain the situation as he is the author.
Regards
  • #158
  • Jan 17, 2007 10:33am Jan 17, 2007 10:33am
Kharvell,
Adding to a winning position is usually a good idea. Some people call this Pyramiding. The biggest issue is getting the timing right. I do not often add to winning positions but when I do I tend to use Fib retracements to determine when to re-enter. Depending on previous wave I will enter on the 38 retracement. If you know your how currency pair behaves you can determine the best entry. It is very subjective to me. Currently I only renenter on the EUR/USD pair because I know this pair the best.

I think I may begin a search into exhaustion of a move and what indicators are reliable in showing this.

I love this stuff
EllisEdi Moving on to my next trade ...
  • #159
  • Jan 17, 2007 10:46am Jan 17, 2007 10:46am
Quoting howard
cesarnc

In order to go long, a Pivot Low should be in place; the last pivot low which I can see has been on the 11th Jan and you should have gone long on the 12th.

The method which you are trying to implement is "the break of previous day's high" which is a different issue.

Of course kevin will explain the situation as he is the author.
howard, once again, knows his stuff In my charts I see the pivot on Jan 10th, but still would have entered on the 12th. It has been my experience that good things usually happen after small dips in a currency. With that being said, it appears that on GBP/USD, Buyers were whooping up on the market met some seller resistance yesterday, and are now back to whooping. To me, I wouldn't consider buying a bad option, just not "ideal". Use some discretion, and see if the risk is worth taking for YOU.

Quote
Kharvell,
Adding to a winning position is usually a good idea. Some people call this Pyramiding. The biggest issue is getting the timing right. I do not often add to winning positions but when I do I tend to use Fib retracements to determine when to re-enter. Depending on previous wave I will enter on the 38 retracement. If you know your how currency pair behaves you can determine the best entry. It is very subjective to me. Currently I only renenter on the EUR/USD pair because I know this pair the best.

I think I may begin a search into exhaustion of a move and what indicators are reliable in showing this.

I love this stuff

I've never been good with fib's.. As far as indicators go, if you look at the change in slope of RSI, it seems, historically speaking, that it would be profitable to add more when the slope INCREASES in magnitude(steeper incline and decline). Check out your daily charts, and you'll see what I'm talking about.
  • #160
  • Jan 17, 2007 11:27am Jan 17, 2007 11:27am
Hi Kharvell,

First of all i would like to thank you for sharing your trading method. It seems to be easy but in the same time very profitable and accurate. My question is when is the moment of entry? In the same candle in which the magic number is reached or the next candle after the magic number have been reached.(of course if the RSI is not pointing right we will wait for the next candle) Hope I made myself understood taking in to account that English is not my mother tongue.
Thnx again for sharing your ideas.
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