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The RSI Trade

  • #101
  • Edited 8:06am Feb 1, 2009 7:33am | Edited 8:06am
The morning news made friday next to impossible to trade. I tried one trade and got my 20 pip stop. I am hoping for better opportunities this week.
Trade Garlic
  • #102
  • Feb 1, 2009 7:52am Feb 1, 2009 7:52am
Nice thread, kareem40.

I use a 13 period RSI but will add a 21 period to check out from Monday.

  • #103
  • Feb 1, 2009 8:07am Feb 1, 2009 8:07am
Quoting jtrade
Nice thread, kareem40.

I use a 13 period RSI but will add a 21 period to check out from Monday.

I noticed that the 21 gives you less false break outs.
Thanks for your post
Trade Garlic
  • #104
  • Feb 2, 2009 7:47am Feb 2, 2009 7:47am
Here is an example from this morning. Notice the major trend, which I use with 20-30 stopps and wider open targets. The minor trends within the major trend can give you 10-20 pips and again smaller targets. Everything I am doing is out the 5 min chart. I have not seen good results with the smallter time frames.
Kareem
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD 2_2_2009 (5 Min).jpg Size: 136 KB
Trade Garlic
  • #105
  • Feb 2, 2009 8:37am Feb 2, 2009 8:37am
Here we see both micro trend break has easly given 10+ pips with only 10 SL.
I am still waiting on the break of the major trend line. Of course a bounce of that line, would confirm the trend and give us a long signal.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD 2_2_2009 (5 Min).jpg Size: 140 KB
Trade Garlic
  • #106
  • Feb 2, 2009 8:43am Feb 2, 2009 8:43am
The third minor trend line forming.....you get the idea.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD 2_2_2009 (5 Min).jpg Size: 139 KB
Trade Garlic
  • #107
  • Edited 4:39pm Feb 2, 2009 9:03am | Edited 4:39pm
Of course we are quickly reminded that nothing works most the time. Respect your stops and keep them. We would have been stopped here.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD 2_2_2009 (5 Min).jpg Size: 132 KB
Trade Garlic
  • #108
  • Feb 2, 2009 2:57pm Feb 2, 2009 2:57pm
Second trade with this system, bought at 38 and out at 52, +14 when it stalled. Stop was set at lower support, 10 pips away.
Attached Image (click to enlarge)
Click to Enlarge Name: rsi-trade2.gif Size: 22 KB
  • #109
  • Feb 2, 2009 4:40pm Feb 2, 2009 4:40pm
Quoting jameesnior1
Second trade with this system, bought at 38 and out at 52, +14 when it stalled. Stop was set at lower support, 10 pips away.
Nice trade James.
Thanks for the post.
Trade Garlic
  • #110
  • Feb 3, 2009 11:37am Feb 3, 2009 11:37am
Here is a divergence from this morning. The RSI told me to stay, but I booked my 40 pips and I am done.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD 2_3_2009 (5 Min).jpg Size: 152 KB
Trade Garlic
  • #111
  • Feb 3, 2009 11:44am Feb 3, 2009 11:44am
RSI said stay, I should have. Of course I still very happy with my 40 for the day.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD 2_3_2009 2 (5 Min).jpg Size: 151 KB
Trade Garlic
  • #112
  • Feb 3, 2009 1:27pm Feb 3, 2009 1:27pm
Dont really know what just happened on the EU but not complaints here.

Was long on rsi break @55 with a stop of 12 pips.

It went up 9 down again and then popped, got +60 on this one moving my stop to the red lines as it whizzed by.

(i've got TL's , the force 5min and the DOW to work with this)
Attached Image (click to enlarge)
Click to Enlarge Name: rsi trade 3.gif Size: 21 KB
  • #113
  • Feb 3, 2009 2:17pm Feb 3, 2009 2:17pm
Yes James, I saw that one. It was a nice one.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD 2_3_2009 3(5 Min).jpg Size: 147 KB
Trade Garlic
  • #114
  • Feb 3, 2009 2:18pm Feb 3, 2009 2:18pm
Quoting jameesnior1
Dont really know what just happened on the EU but not complaints here.

Was long on rsi break @55 with a stop of 12 pips.

It went up 9 down again and then popped, got +60 on this one moving my stop to the red lines as it whizzed by.

(i've got TL's , the force 5min and the DOW to work with this)
Nice trade. How do you use the force 5m with the RSI set up?
Trade Garlic
  • #115
  • Feb 3, 2009 2:57pm Feb 3, 2009 2:57pm
Hi Kareem. I have been using the rsi since I started 2 years ago. I must have tried 20 different mt4 variations. I keep coming back to rsi14 with 45/55 lines. Don't trade inside them unless holding onto a position already open. But have you tried a linear weighted 21 moving average placed on the rsi. It more or less does away with the need for a trend line and reduces the trouble of where to draw to and from. Check out the eur/usd m5 and m15 today. It doesn't repaint but as with everything wait for the candle to close once the rsi has broken the 21 average line. I would post pics but don't know how to yet.
Andy
  • #116
  • Feb 3, 2009 4:35pm Feb 3, 2009 4:35pm
Quoting andypips
Hi Kareem. I have been using the rsi since I started 2 years ago. I must have tried 20 different mt4 variations. I keep coming back to rsi14 with 45/55 lines. Don't trade inside them unless holding onto a position already open. But have you tried a linear weighted 21 moving average placed on the rsi. It more or less does away with the need for a trend line and reduces the trouble of where to draw to and from. Check out the eur/usd m5 and m15 today. It doesn't repaint but as with everything wait for the candle to close once the rsi has broken the...
Great post Andy. I will try and please do post some pictures when you get a chance.
As for the LWA (21) is that the average of the price on the RSI chart, or is it the the RSI LWA.
Thanks
Trade Garlic
  • #117
  • Feb 3, 2009 5:02pm Feb 3, 2009 5:02pm
Quoting jameesnior1
Dont really know what just happened on the EU but not complaints here.

Was long on rsi break @55 with a stop of 12 pips.

It went up 9 down again and then popped, got +60 on this one moving my stop to the red lines as it whizzed by.

(i've got TL's , the force 5min and the DOW to work with this)
Great job on your trade. I would have taken it exactly the same way.

Rob
  • #118
  • Feb 3, 2009 5:04pm Feb 3, 2009 5:04pm
Quoting andypips
Hi Kareem. I have been using the rsi since I started 2 years ago. I must have tried 20 different mt4 variations. I keep coming back to rsi14 with 45/55 lines. Don't trade inside them unless holding onto a position already open. But have you tried a linear weighted 21 moving average placed on the rsi. It more or less does away with the need for a trend line and reduces the trouble of where to draw to and from. Check out the eur/usd m5 and m15 today. It doesn't repaint but as with everything wait for the candle to close once the rsi has broken the...
Thanks for your post, Andy. Definitely post some charts, as this sounds
like a extra improvement.

Rob
  • #119
  • Feb 3, 2009 5:19pm Feb 3, 2009 5:19pm
One thing I've noticed, after my RSI trades unfold, is the momentum
of the candles at the breakout. This is a great opportunity to get
your stop in at BE. As I've said before, I'm not interested in hanging
around, watching candles go up and down, hoping they go my way.
I tend to put my stop in tight, and concentrate on the trades with
good momentum.

I want to thank K40 for putting this on the forum. So far, this is the
best system I've used( and I've used many).

I see trades like this all day long. Love the simplicity of this approach.
Attached Image
  • #120
  • Feb 4, 2009 1:56am Feb 4, 2009 1:56am
Hi guys. I'm off to work now (still doing a couple of days each week for a friend plumbing). i'm not that techy so perhaps you could let me know how to post a screen shot on here and i'd be more than happy to do so when I get home tonight. I'm in the uk so it's 8.00am here.
The lwma is from the moving average in normal indicators (not custom indis) on mt4. drag and dropped onto the rsi 14 window, set to 21, shift 0 and applied to the previous indicators data. Then on the rsi I have levels at 30,70, 45,50 and 55. If the lwma is broken and /or a trendline on the rsi I still wait for the 45 to break and hold for a short entry.
Chicago rob , you mentioned momentum. Look how the mom really gets going once these 45/55 levels are breached. It sometimes has a small retest of the level once through it but goes off really quick. I find it saves many false entries when all the ma's on price and sometimes price action itself gives you an entry the 45 level just says hang on , wait a bit. See if you see it like I do as we're all different.
Off to do pipes now. Andy.
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