Sometime we don't have any idea until when we should keep buying or selling for a certain currencies pair. So, I came up with this little idea to help us out.
I don't mean to change anything in our 4Hour MACD Strategy. This is only my opinion on how I look at the market strength in the medium term.
Using RSI Colored Bar introduced by Palmer a few months ago, I have RSI indicator in all my D1 charts. So, here they are:-
RSI 85 and above = Market Extremely Overbought RSI 70 and above = Market Overbought RSI 55 to RSI 45 = Market Consolidating/Ranging
RSI 30 and below = Market Oversold
RSI 15 and below = Market Extremely Oversold
Maybe some of you already use this in your charting, and maybe some of you still don't. So, please feel free to add your comments and opinions here.
Sometime we don't have any idea until when we should keep buying or selling for a certain currencies pair. So, I came up with this little idea to help us out.
I don't mean to change anything in our 4Hour MACD Strategy. This is only my opinion on how I look at the market strength in the medium term.
Using RSI Colored Bar introduced by Palmer a few months ago, I have RSI indicator in all my D1 charts. So, here they are:-
RSI 85 and above = Market Extremely Overbought RSI 70 and above = Market Overbought RSI...
Ignored
Another additional notes here:-
1) It doesn't mean that you can simply buy (long) when the market is oversold/extremely oversold, and vice versa. These RSI levels are only useful as guidance, especially for those who want to keep their open position longer;
2) Method, rules and trading strategy (including entry/exit) must always based on the 4 Hour MACD Strategy and 4 Hour Rhythm;
and...
3) RSI @ D1 is simply to indicate the strength of the market on daily basis. This could help to give signal to any trader for not being over confident of his/her trading position. However, it is not so reliable to use RSI signal to make your entry/exit strategy.
REMINDER: USING RSI @ D1 SIGNAL FOR BUY/SELL CURRENCIES PAIR IS NOT TAUGHT IN THIS THREAD...
Again, feel free to give your comments/critics/opinions/questions here to improve our great thread system.
I just wondering if there is anyone here experiencing the same problem as mine with the adx and gap indikator that Palmer has posted in his website. I had those indicators in my mt4 already, but the problem is: no matter how hard i tried to have the color width changed into 2, i'm just going to have the width 4 again everytime i switch my timeframe one to another. It'll back to the same width 4 again as you can see in my picture2. This is very weird for me... Anyone here, Palmer maybe? Could you help me to fix it? Thank you so much in advance...
I just wondering if there is anyone here experiencing the same problem as mine with the adx and gap indikator that Palmer has posted in his website. I had those indicators in my mt4 already, but the problem is: no matter how hard i tried to have the color width changed into 2, i'm just going to have the width 4 again everytime i switch my timeframe one to another. It'll back to the same width 4 again as you can see in my picture2. This is very weird for me... Anyone here, Palmer maybe? Could you help me to fix it? Thank...
Ignored
Hello All,
Hello Palmer,
I think i just figured it out already. Thanks anyway... I just did a little bit changes in meta editor to have my problem fixed... Thank you...
|
Joined Jul 2007
|
Status: believer of Random Walk
|32 Posts
Hi Guys- not to harp on about this- but are people using the 45 level etc as originally instructed by Sensai Phil? I mean I love his use of MACD and this whole system- but it strikes me that when the MACD goes as high as 200- then the 45 level is not representative. I think perhaps the volatility is so high right now its just pushing the MACD around like crazy whereas maybe historically the 45 is ok.
Anybody have any thoughts? Palmer what do you think?
Thanks
pessimism of the intellect and optimism of the will
My MIG trade station didn't work well in recent days,so I download a new MT4. there are 5 decimal place instead of 4 decimal. how to change it?
Ignored
Some brokers are changing to 5 decimals this weekend. You need to download the appropriate MACD from Palmer's site. See previous posts. It is also expected that some EAs may be affected because of the change.
Other reasons to take profit can be: Touch of a trend line, resistance or support line, horizontal psych level (00 - 20 - 50 - -80) or a black cat that cross your screen
Other reasons to take profit can be: Touch of a trend line, resistance or support line, horizontal psych level (00 - 20 - 50 - -80) or a black cat that cross your screen
