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The RSI Trade

  • #181
  • Feb 5, 2009 4:23pm Feb 5, 2009 4:23pm
Quoting jtrade
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...
Nice set up.
I have traded they YM and ES on TS before and lost lots of money. Maybe I was still new to trading or I just FX suites me better. With FX I like the fact that I can trade smaller, specially when I am trading poorly. I hear very good things about MTPredicator, but their price is expensive(for now). How is it working for you? My Ninja is with AMP ( GAIN/same as TS). Its working well for me.
Kareem
Trade Garlic
  • #182
  • Feb 5, 2009 8:55pm Feb 5, 2009 8:55pm
hi

have just looked at your method,and have a shot of the chart
now hear would u go short seeing has broken the trend line onthe rsi,or would u wait for a break of the triange,or wait to see if there is a false breakout

thanks
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  • #183
  • Feb 6, 2009 12:50am Feb 6, 2009 12:50am
hi

read the whole post,very good

put in the trendline, but didnt take trade ,let emotion come in (damm)

would of been good

happy pips
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  • #184
  • Feb 6, 2009 2:22am Feb 6, 2009 2:22am
hi

another trade missed (dam)

20 pips down then up
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  • #185
  • Feb 6, 2009 2:37am Feb 6, 2009 2:37am
'Speaking of missed trades, I get back from the school run about 0900 CET; my charts etc are already reset and running from 0600 when I get up, and I always check them as soon as I get back before even taking my coat off, making coffee etc just in case a trade is setting up at that time (they often do)... having set up my Ninja chart with a "kareem andy combo" (21RSI with WMA), the trendlne broke as I drew it at 0905..... all I can say is aaaaarrrrrggggghhhhhhh.

The green box is an MTP Decision Point projected from the high from which I have drawn a blue arrow; this would have been t2 for me. The candle bar colours are MTP Reversal Bars which I do not like but cannot remove with the NT add-on.

You up yet, Andy (must be with kids ) ?
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  • #186
  • Feb 6, 2009 3:11am Feb 6, 2009 3:11am
Quoting desperate
hi

read the whole post,very good

put in the trendline, but didnt take trade ,let emotion come in (damm)

would of been good

happy pips
Exactly how I would have placed my trendline on RSI. This is what
I mean by momentum. A couple of big bear candles, trail the stop,
and get out for a nice gain.

Rob
  • #187
  • Feb 6, 2009 3:29am Feb 6, 2009 3:29am
Hi jtrade. The kids make sure we're up early when there's snow outside. They were on the computer at 6am to see if their schools were shut. They are, so more sledging today. We have had another 6inches of snow last night. Had to drive the wife to work up a big hill out of our village. In a little ford focus I was one of the only ones to make it. Not sure i'll be able to get out later as it's getting really heavy again.
Anyway thanks for that step rsi indi.
Yoy like the 1200 then. It works just as well if it's a different colour you know.
I've just taken my 20 for the compounding tin from the push up on eurusd. The rsi14 tested the 55 down , didn't hold and back up through. Also my cci stayed positive and the whole thing took place above the daily open line and up to the daily pivot point. The red arrow shows the entry. Exit at +20.
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  • #188
  • Feb 6, 2009 4:03am Feb 6, 2009 4:03am
Jtrade. How do you interpret the fast and slow step size lines. Do oyu follow the arrows and do they move/repaint/dissappear?
Have you seen the big trend line on the m5 about to get tested. The trend line on the m15 is almost impossible to draw its so steep, but I feel it needs to come back to the lwma soon.
andy
  • #189
  • Feb 6, 2009 4:05am Feb 6, 2009 4:05am
Nice trade, Andy. I'm having a Ninja order management glitch for the first time ever this morning : awaiting tech support (they're usually very fast), so sitting on my hands .

Where in the SW are you - all the snow's meltnig here (my family is from Scotland, but I grew up in London) ?

I'll have to experiment very carefully with those 1200 ema colours...
  • #190
  • Feb 6, 2009 4:11am Feb 6, 2009 4:11am
Quoting andypips
Jtrade. How do you interpret the fast and slow step size lines. Do you follow the arrows and do they move/repaint/dissappear?
Have you seen the big trend line on the m5 about to get tested. The trend line on the m15 is almost impossible to draw its so steep, but I feel it needs to come back to the lwma soon.
andy
I use the cross of the fast over the slow, which I think is what the MT4 alerts give (I don't have Step alerts or arrows in TS), AND/OR the cross of the Fast over the 50 centreline. I have this morning "blacked out" the slow step line to see if that is helpful. I am always trying to simplify, simplify... but often revert to complicate, complicate...
  • #191
  • Feb 6, 2009 4:15am Feb 6, 2009 4:15am
I live in a small village called charfield near woton under edge about 8 miles north of bristol. All the snow melted by last night but more today and the world has ground to a halt. Where are you? Is it amsterdam?

By the way ,that 1200 is linked to a special indi with mood lighting attached.

In at 12825 on euro and moved my stop to b/e looking to trail this down if poss. I will cut for profit if it shows signs of stopping.
Andy
  • #192
  • Feb 6, 2009 4:19am Feb 6, 2009 4:19am
i like osMA indicator(12,26,9) on 1H and also parameters for daily
{Promotion Removed}
  • #193
  • Feb 6, 2009 4:21am Feb 6, 2009 4:21am
I know what you mean about complicated. Last week I deleted about 30 templates and 50 indis from mt4 demos. When I look back at some of those templates I think I was on drugs when I made them. How much time I wasted trying to make something different. Less is better.
The step rsi looks similar to the qqe that Kareem has on some of his charts. Karmo uses it in his strategies and I believe came from auslancos thread. I will look at it myself as it makes the turning points very clear with those dirty great arrows.
Andy
  • #194
  • Feb 6, 2009 4:29am Feb 6, 2009 4:29am
Quoting andypips
By the way ,that 1200 is linked to a special indi with mood lighting attached.


We're in the countryside just outside Amsterdam.
  • #195
  • Feb 6, 2009 5:01am Feb 6, 2009 5:01am
out at 12790 for +35. ger news now and nfp in a while. I think i'll sit and watch now.
  • #196
  • Feb 6, 2009 5:12am Feb 6, 2009 5:12am
Hi Bunton ,
thankyou for the video. I had read about this style and sometimes pull up a blank rsi14 and add 40 and 60 line. Then compress the chart and assess the density of rsi lines to see if we are mainly below/above these levels. Your video did make it clearer about comparing the rsi to price.
We all learn that as price climbs in an uptrend it will make higher lows on the price, it was more obvious to me how the rsi made higher lows above these 'bull' levels. Ie. a pull back to test a level or ma on the price may see the rsi breaking a previous swing high. This would usually lead me to think it was going down, but now I will look for the rsi to close below say the 40 level to confirm a possible reversal.
that said I think that the above relates only to say 4hr and above. Below that on most tf's I trade I find the 45/55 more reliable amongst the noise. What are your thoughts on tf's for your method please.
andy
  • #197
  • Feb 6, 2009 6:01am Feb 6, 2009 6:01am
... this is what happens when you're sitting around waiting for software support (had to reinstall Ninja in the end, btw) : I re-read all kareem40's early posts and charts, and now I've put the 21 RSI back up with trendlines plus the 21 LWMA I showed earlier today. I think k40 may be right about the 21 filtering false entries very well, whilst the WMA cross gives an early warning (and can be taken if the chart structure fits). There's something very good about continually updating those trendlines, too.

Ho-hum...
  • #198
  • Feb 6, 2009 6:05am Feb 6, 2009 6:05am
hi

the chart is setting up

have i got it right
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  • #199
  • Feb 6, 2009 6:29am Feb 6, 2009 6:29am
Hi Desperate.
Yes you are right in how your trendlines are drawn, but we seem trapped right now between 1.2814 and 1.2787 being daily pivot and daily open. Any breakout now may be driven by profit taking and positioning prior to non farm payroll. Also look at all the price action to the left this morning around 1.2780 mark. Also my lwma 21 is flat and has been since 12.20
It's all waiting for non farm. cad had bad job news and the dollar gave it a quick kicking. This may give the dollar false strength against the euro until nfp. All I know is that it will be 2pm gmt before I enter a trade.
andy
  • #200
  • Feb 6, 2009 6:32am Feb 6, 2009 6:32am
thanks andy

thanks for your help,still learning
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