Powerful 1 Min Scalping System (Fx Prime)
Often one sees people asking for help in a \"sideways\" market - in short, non-trending markets and especially the Newbies get burnt badly.
I read your Thread purely based on the fact that it has the RSI as a base and I have done some exhaustive research on the RSI and now trade it with great accuracy and therefore success. It was the RSi-14 that got my attention!! reason being that my way of Intra-Day trading does not like the \"slow\" (or at least that was my take on it) performance of the RSi-14.
What caught my attention is your statements that the 50-line crosses generates too many false signals (I use 2/4 and 8, but never 14 for reasons I mentioned - I felt that it is too difficult to \"read\")
So here is what I have done since reading your Thread:
I took the RSi-14 and added the normal levels to it, except that I replaced the 50-level with 55 and 45 so as to form a \"channel\" as you mentioned. I then went back on the M5-chart to see how many \"false entries\" it generated and I found a few too many to my liking.
So I changed the channel to 56 and 44 and \"BINGO\" we were home and dry. (Not quite yet, see the next Post for details, please.)
I then dropped the RSi-14-DOTS over the first indicator, so that I can see each and every candle's position and changed the level colours to TEAL (here you will see Aqua for better visual effect) and added in between the \"channel\" levels every 2 points away, i.e. levels 45; 47; 49; 51; 53; 55. These then colour the \"channel\" and as long as the RSi-14 stays inside this channel, you do not take a trade as you suggested. Thank you for taking me \"outside the box.\"
In my quest for excellence, I also came across the Jurik inspired RSI, called the J_RSX. What a gem!! I have tested both the histogram and line versions and am displaying them here for your perusal and comments.
I marked the entries from this morning for your perusal. Note the short entry where the CCi-5 overheated!! Clearly no entry and the very next WHITE candle was the entry in spite of the RSi-14 that pulled back, for ±40 pips.
I have also spend a lot of time researching Woody's CCi and will NEVER trade without it ever again. Ths is not shown here, but the little \"white cap\" around the head of the candle, is an indicator I had built so that I can see when the CCi-5 \"overheats\" @ ±165 levels.
The last short was an absolute \"beaut\" where this method of yours CD, prevented me from going Long, but in stead waited for a perfect +144 pips short. I will also Post that screen-shot below so that we do not confuse the entries.
Thank you again for helping me improve my prowess as a trader.
Best wishes.
Thanks again, and let me know if there are any problems with this indicator. It will replace the doublecciwoody provided in the first post of this thread, nothing is different just the alarm, and you can always turn it off.Hello all, this is my first post here on FF. Just want to say thanks to CD for this awesome system! I've been following this thread since its start. I'm very impressed and have been making consistent profits for the past 2 weeks or so! I've noticed some concern for a want of some form of an alert system for when to enter trades which meet the specifications outlined by CD's system. I know some attempts have been made like with \"canadian dud v1\" but the problem with that indicator is that it was not using the woodycci and was generating signals (mostly false) at different times than CDs actual system was and had a couple of other minor issues.
I know the doublecciwoody.mq4 has a built in cross alert, but I took a look at the code and noticed that it was alerting when the trendcci crossed zero and the entrycci was already on the other side which is opposite of what this system outlines. It also did not account for the RSI.
So what I did was switch the doublecciwoody around to meet the rules of this system and I also added in a RSI specification to generate alerts exactly as defined by CD
Long: 170CCI>0, 34CCI crosses zero to top, RSI>55
Short: 170CCI<0, 34CCI crosses zero to bottom, RSI<45
It does exactly that. Also, if you open up the parameters window you can change the levels for the RSI to match what some have been talking about recently using 56 and 44 to filter false signals. You can also change the RSI period if so desired from there as well. The indicator alarm should already be set to true. Remember this only alerts for entries and you still must use other analysis (fibs s/r as shown in this thread once alerted to actually decide on a trade or not, but more often than not you will be in the green with CD
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Thanks.
