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The RSI Trade

  • #161
  • Feb 5, 2009 1:09pm Feb 5, 2009 1:09pm
Hi kareem. I don't use a single pc with 4 screens and a graphics card like most. I'm not fussed about computers and that seemed very expensive as well. 2 years ago when I bought this lot the flat screens were a fortune compared to now. So I opted for two budget desktops and 4 screens/ 1 computer for two screens. Then had the supplier install a PNY GeForce 7300gs256mb graphics card. That enabled me to connect a second monitor with an adaptor on the cable. The computers are just value dual core 2.8ghz with 1 gb running on xp.
My reasoning was that the computers cost £279 each and if one broke I could simply go out and buy one to replace it, but could carry on working with the other one until it suited me to go shopping. I know people who are stuffed when their one system goes down. I back up everything I need to save between them and also to a laptop so a breakdown is no real problem to me. If I invested £1000 or more at the time on 1 pc with 4 monitor card I would feel compelled to repair it should it break and be out of the game for a while.
Andy
  • #162
  • Feb 5, 2009 1:10pm Feb 5, 2009 1:10pm
The cards were only £40.00 each back then and flat screens now are nothing.
  • #163
  • Feb 5, 2009 1:32pm Feb 5, 2009 1:32pm
Quoting PiPsAddict
Which chat room are you referring to?
This one,
http://my4x.org/
It might have been FXaddict. I have not been there in a while, so I might have the wrong nick name.
Trade Garlic
  • #164
  • Feb 5, 2009 1:34pm Feb 5, 2009 1:34pm
Quoting andypips
Hi kareem. I don't use a single pc with 4 screens and a graphics card like most. I'm not fussed about computers and that seemed very expensive as well. 2 years ago when I bought this lot the flat screens were a fortune compared to now. So I opted for two budget desktops and 4 screens/ 1 computer for two screens. Then had the supplier install a PNY GeForce 7300gs256mb graphics card. That enabled me to connect a second monitor with an adaptor on the cable. The computers are just value dual core 2.8ghz with 1 gb running on xp.
My reasoning was that...
good set up. For now I have one computer and one labtop. I will add a card and a monitor soon.
Thanks for the info.
Trade Garlic
  • #165
  • Feb 5, 2009 1:34pm Feb 5, 2009 1:34pm
Quoting andypips
The cards were only £40.00 each back then and flat screens now are nothing.
How much is that in USD......
Just kidding.
Thanks
Trade Garlic
  • #166
  • Feb 5, 2009 1:51pm Feb 5, 2009 1:51pm
Quoting kareem40
This one,
http://my4x.org/
It might have been FXaddict. I have not been there in a while, so I might have the wrong nick name.
Not familiar with that chat room. Probably just a mix up... similar nicknames I guess. No worries anyways. I'm glad to be here, and looking forward to becoming a master of the RSI Trend method.

Cheers,

Jeff
Addicted and proud of it!
  • #167
  • Feb 5, 2009 1:52pm Feb 5, 2009 1:52pm
How much is that in usd?
You might be better off buying one in euros right now
andy
  • #168
  • Feb 5, 2009 2:30pm Feb 5, 2009 2:30pm
Of course I missed this trade. I just saw it now.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD 2_5_2009 (5 Min).jpg Size: 148 KB
Trade Garlic
  • #169
  • Edited 3:14pm Feb 5, 2009 2:54pm | Edited 3:14pm
Quoting kareem40
Of course I missed this trade. I just saw it now.
Kareem,

Yeah... I missed that one too. Busy fiddling with charts/templates. Didn't want to chase it, as market is pretty whippy right now due to NFP tomorrow. It did run quite a bit... could've shorted it after rejection at RSI trendline.

J.



http://www.forexfactory.com/C:%5CPro...usd_2_5_09.gif
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_2_5_09.gif Size: 23 KB
Addicted and proud of it!
  • #170
  • Feb 5, 2009 3:01pm Feb 5, 2009 3:01pm
I did a quick VDO on RSI... It might even be possible that one will learn something...

http://www.chartwatchers.com/group/f...ics/forex-vdos
Check Mate GAME OVER
  • #171
  • Feb 5, 2009 3:14pm Feb 5, 2009 3:14pm
Okay, here is why the manual trend line seems to work better. The RSI broke the MA which for me I meant I had to bail out of the trade. On Trendline ( in which I will draw after the first hook) I would have stayed in the trade longer. A difference of 80 more pips, and still counting.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD 2_5_2009 (5 Min).jpg Size: 150 KB
Trade Garlic
  • #172
  • Feb 5, 2009 3:15pm Feb 5, 2009 3:15pm
Quoting bunton
I did a quick VDO on RSI... It might even be possible that one will learn something...

http://www.chartwatchers.com/group/f...ics/forex-vdos
Thanks bunton
Trade Garlic
  • #173
  • Feb 5, 2009 3:19pm Feb 5, 2009 3:19pm
Quoting PiPsAddict
Kareem,

Yeah... I missed that one too. Busy fiddling with charts/templates. Didn't want to chase it, as market is pretty whippy right now due to NFP tomorrow. It did run quite a bit... could've shorted it after rejection at RSI trendline.

J.



http://www.forexfactory.com/C:%5CPro...usd_2_5_09.gif
Our charts are little differenc since I use the 21 RSI. Note how the RSI reacts to the trendline with the 21 instead 14, again it would have kept you in longer. But the RSI 14 showed the divergence better than the 21.
Thanks for the post/chart
Trade Garlic
  • #174
  • Feb 5, 2009 3:42pm Feb 5, 2009 3:42pm
Hi kareem.
look at the divergence with rsi 14 (purple lines). Much more obvious than with 21 imo.I hear what you say about the trend line versus 21 lwma break but the red arrow on the 14 shows why you would stay in. A break of the 55 downwards after a small retest and it was the 21lwma that slapped it back down. Once it goes down it stays below 55. No reason to get out yet, although it wants watching now.
If the purple line on the rsi was extended then it would still be holding down the rsi. We both have our own way of doing it and I will use trendlines more. I mentioned the lwma at the start because some were having trouble drawing lines at the right place. This gave them an idea where to place them. Also ,see the dark purple trend line at the top-1200ema. Put that on and see how the 5min eurusd comes off it regular.
Andy.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 2.gif Size: 39 KB
  • #175
  • Feb 5, 2009 3:52pm Feb 5, 2009 3:52pm
Quoting andypips
Hi kareem.
look at the divergence with rsi 14 (purple lines). Much more obvious than with 21 imo.I hear what you say about the trend line versus 21 lwma break but the red arrow on the 14 shows why you would stay in. A break of the 55 downwards after a small retest and it was the 21lwma that slapped it back down. Once it goes down it stays below 55. No reason to get out yet, although it wants watching now.
If the purple line on the rsi was extended then it would still be holding down the rsi. We both have our own way of doing it and I will use trendlines...
Hi Andy
I understand how you use the LWMA better now. Thanks. Of course I will keep the LWMA on the chart. I like looking at the angle of the LWMA to help detemine the trail stops. It can also give lots of scalp trades.
Kareem
Trade Garlic
  • #176
  • Feb 5, 2009 3:54pm Feb 5, 2009 3:54pm
Just broke. Can either go long or exit if you are short. At this time of day, I am always flat.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD 2_5_2009 (5 Min).jpg Size: 148 KB
Trade Garlic
  • #177
  • Feb 5, 2009 4:00pm Feb 5, 2009 4:00pm
flat lwma now and break up of lwma and trendline. I had some on the way down but not all the way. I have had a great day and didn't want to get greedy. got to get some sleep now.
andy
  • #178
  • Feb 5, 2009 4:01pm Feb 5, 2009 4:01pm
Andy - missed your request earlier - StepRSI attached.

K40 - I will check out the RSI bands : they don't immediately "grab" me, but I don't clearly see how they are used at first glance. I used to always have fib bands on my charts.

I am using a single high-spec trading computer with 2 x 24" monitors; one monitor is Tradestation only (multiple workspaces : much better to work with than NT or MT4 imho). The other has 2 trading charts for Ninja Chart Trader, which allows me to see the exact IB data on the chart (which is never more than a pip out from TS anyway, but up to 3 pips off MT4, which I only run to check out stuff that I do not have coded in EL or Ninjascript). I only trade futures in TS, as their dome is unusable for forex, becasue of the fractional pips - they really should have sorted this out long ago...

Coming back to the Ninja charts, I have been experimenting with their layout as well, from naked 1 min line charts, which I have just deleted as I found that I prefer to watch price in the bid ask panel. But just now I have put up a template originating rfom MTPredictor, for which I have the add-ons (not poss to share, I regret) : this has one feature I really like, which is their Decision Point fib-based targets. I'll post some charts soon if I continue to use them.

Lastly, I see great value in manually drawing RSI trendlines even with some form of MA or step.
Attached File(s)
File Type: mq4 StepRSI_v2 with Alert.mq4   6 KB | 1,057 downloads
  • #179
  • Feb 5, 2009 4:09pm Feb 5, 2009 4:09pm
I wonder how many of us will have purple 1200 emas on our charts tomorrow ?



(just put one up myself, actually... :nerd:blush:

.. ok, it's getting late here, going to bed...
  • #180
  • Feb 5, 2009 4:16pm Feb 5, 2009 4:16pm
Quoting kareem40
Thanks bunton
I hope i made sense.
Check Mate GAME OVER
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