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RSI Daily Pivot Point System v2.0

  • #41
  • Jan 22, 2007 8:23pm Jan 22, 2007 8:23pm
Quoting Matsu
OANDA shows your local date/time, whereas MetaTrader generally shows +/-2 GMT. That's where the difference lies.

Regards,

Matsu
There you have it!

Thanks matsu

What may be a loss for you might not be for me, but I'm sure it works both ways.
If you want an example of a loser for me:

GBP/USD
Jan 9th a high pivot forms with a high of 1.9458 and a low of 1.9340. Thus our magic # is 1.9337. Both the RSI and Jan 10th candle confirmed as it surpassed 1.9337. On Jan 11th, I get a beating of a life time and lose 100 pips. BUT you can refer to my other trade that I posted earlier when I bought on Jan 15th and still have for now a total of 136 pips. :

Hope this helps,

Kevin
  • #42
  • Jan 22, 2007 9:27pm Jan 22, 2007 9:27pm
Im getting a low of 1.9386 on 1/9 and what was your pivot on the 15th
Thanks Dave
  • #43
  • Jan 22, 2007 9:37pm Jan 22, 2007 9:37pm
Quoting davpaula
Im getting a low of 1.9386 on 1/9 and what was your pivot on the 15th
Thanks Dave
Hey Dave,

What broker do you use? That's pretty crazy that our lows are 46 pips off from each other. Do you still see a high pivot on 1/9?

Also, I wrote this earlier, but it describes how I entered the trade on the 15th:

Quote
On January 10th, a low pivot was formed. The low of this day was approximately 1.9316, and the high was 1.9421. The magic number in this instance would then be 1.9423. The following day(1/11), the magic number was surpassed, and I looked at the RSI, but it wasn't above 50. Now, on the 12th, i distinctly remember this day, because I was in route to Texas from Indiana via vehicle. Therefore I missed the opportunity to trade this day. On this day the RSI crossed 50 and was sloping up so would have been an opportune time to buy. The weekend followed, and for the record, I ignore sundays in my data, and the next day was looking good still so I bought on Jan. 15th @ 1.9643. Since the pivot low was waaay back there at 1.9316, I set my S/L at 100, which was never hit. Currently I am in "High Pivot" mode, where I am observing only the high's. As you can see they keep increasing, and therefore, I am staying put.
  • #44
  • Jan 22, 2007 9:45pm Jan 22, 2007 9:45pm
I use the metatrader4 platform.
  • #45
  • Jan 22, 2007 9:49pm Jan 22, 2007 9:49pm
I see the high pivot on 1/9 at 1.9456 but the low on the 1/9 candle is 1.9386
  • #46
  • Jan 22, 2007 10:00pm Jan 22, 2007 10:00pm
The low on my platform was 1.9373.

My trade platform (GenesisFX) uses 16:59:59 EST as the end of the trading day and the new daily candle starts at 17:00:00 EST. Other servers may start & end the trading day at different times. In addition, highs & lows on each platform will vary slightly based on the feed they subscribe to.

Those factors probably contributed to each of us having different lows for the day.
Greetings from Guanajuato, Mexico
  • #47
  • Jan 22, 2007 10:10pm Jan 22, 2007 10:10pm
Quoting yen44x
The low on my platform was 1.9373.

My trade platform (GenesisFX) uses 16:59:59 EST as the end of the trading day and the new daily candle starts at 17:00:00 EST. Other servers may start & end the trading day at different times. In addition, highs & lows on each platform will vary slightly based on the feed they subscribe to.

Those factors probably contributed to each of us having different lows for the day.
Ehhh... well the important thing is we all see the high pivot there! And we would all be losers had we taken that trade short!
  • #48
  • Jan 22, 2007 10:21pm Jan 22, 2007 10:21pm
Would you please look at by example and tell me if this would have been correct?

I noticed a high pivot point on 1/3 at 1.9750 with a low of 1.9478, would I have sold at 1.9474 or on the opening of the candle on 1/4 at 1.9427?
And where would I have been stopped out? Thanks
Dave
  • #49
  • Jan 22, 2007 10:26pm Jan 22, 2007 10:26pm
Quoting davpaula
Would you please look at by example and tell me if this would have been correct?

I noticed a high pivot point on 1/3 at 1.9750 with a low of 1.9478, would I have sold at 1.9474 or on the opening of the candle on 1/4 at 1.9427?
And where would I have been stopped out? Thanks
Dave
Hey Dave,

You would have sold at 1.9474, and you would have been stopped out on 1/8 @ ~1.9437 for ~37 pips.
  • #50
  • Jan 22, 2007 10:27pm Jan 22, 2007 10:27pm
Sorry forgot the attachment
Attached Image
  • #51
  • Jan 22, 2007 10:29pm Jan 22, 2007 10:29pm
I apologize, cant get the picture right
Attached Image
  • #52
  • Jan 22, 2007 10:30pm Jan 22, 2007 10:30pm
Would you or did you take this trade, the rsi was below 50 and sloping down.
  • #53
  • Jan 22, 2007 10:37pm Jan 22, 2007 10:37pm
Quoting davpaula
Would you or did you take this trade, the rsi was below 50 and sloping down.
Yes, I did make this trade. HOWEVER, I started forward testing this system on Jan 1st and I hadn't established that I wanted to wait til the close of each day. Another factor here was that my Jan 2nd and Jan 3rd days have the same high (in Oanda) so I used the low of Jan 2nd of 1.9635 and made a hell of a lot more pips. On Jan 3rd the RSI was barely confirming at the magic #, but I sold anyway

I used more risk essentially, but it paid off.. Some things I just have a gut feeling for.. I made 200 pips on that trade if my memory serves me.
  • #54
  • Jan 22, 2007 10:49pm Jan 22, 2007 10:49pm
Thank you, looks like a great system, thanks for sharing it.
  • #55
  • Jan 23, 2007 7:10am Jan 23, 2007 7:10am
Last night was a good night for this system. I like waking up to huge gains!!

I thought about using the Parabolic Sar Indicator and only entering trades in the direction of the trend it's showing. Check it out...
See what you think.
  • #56
  • Jan 23, 2007 7:32am Jan 23, 2007 7:32am
Good Morning Kevin - Do we have a potential trade forming in the USD/CHF?

Tim4kaye
  • #57
  • Jan 23, 2007 8:07am Jan 23, 2007 8:07am
Good Grief,

Here I am waiting to hop on a pivot and it rockets thru an entry while I'm asleep!

Looking for the next one.....

Randy
  • #58
  • Jan 23, 2007 8:14am Jan 23, 2007 8:14am
Hi,

two points, we can consider more risky

a) start a trade on friday close (we have a magic number passed and RSI on conditions) - if this is not placed on friday the next entry will be just monday close

b) place a entry order (on magic number) when the candle passed the magic number BUT retraced and closed above (pivot high) or below it (pivot low)

Always checking once a day the system.

What you think?
  • #59
  • Jan 23, 2007 8:24am Jan 23, 2007 8:24am
Quoting FiboFan
Last night was a good night for this system. I like waking up to huge gains!!

I thought about using the Parabolic Sar Indicator and only entering trades in the direction of the trend it's showing. Check it out...
See what you think.
The waking up to huge gains is rather fun... You also wake up to losses(USD/CHF )

And the Parabolic Sar Indicator is a lagger. When I backtested it(I've tried just about every standard indicator), by the time it tells you to enter, you've missed many pips. Let me know how you are using it that makes it effective.

Quote
Good Morning Kevin - Do we have a potential trade forming in the USD/CHF?

Tim4kaye

Morning Tim ,

USD/CHF is getting a BEATING. As you can see, the RSI is below 60 FROM 70. Typically, I would sell with this much red in a bar, because there isn't a snowball's chance in hell that it's getting back up to the open price today. I've been reading in Business Week that the dollar is getting weak these days, so I've been wondering when USD would finally stop. You have 2 options that you are faced with: more risk for a trade that might move against you later today, or just wait til the end. I'm thinking about waiting until after work today at 3PM CST.

So obviously, I got stopped out of USD/CHF for a loss of 69 pips:

USD/CHF will be a potential sell today because on Jan 18th there is a high pivot with a high of ~1.2548 and a low of ~1.2429. Today the magic # which is 1.2426 was surpassed, and the RSI is confirming so far. My plans are to wait until the afternoon before I enter this trade, but that is a STRONG bear bar. You do what you want to do.

My other trades pleasantly surprised me again :

Long GBP/USD @ 1.9643 S/L 1.9698 = 250 pips
Long AUD/JPY @ 94.87 S/L 95.32 = 133 pips
Long USD/JPY @ 120.68 S/L 121.07 = 71 pips

Watch out for USD/JPY. High pivot formed yesterday with a high of ~ 121.78 and a low of ~121.30. RSI is yet to confirm. Most likely will within 2 days if it is truly trending. Ignore all of this if price move above the high of yesterday of 121.78. Then, we are still in it.

Good luck,
Kevin
  • #60
  • Jan 23, 2007 8:28am Jan 23, 2007 8:28am
Kevin - Thank you, Sir. Keep us posted...........You-Da-Man!!!!!
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