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Weekendpiggies scalping system

  • #21
  • Jul 9, 2009 6:55am Jul 9, 2009 6:55am
Quoting andypips
Hi Eaty.
I use the rsi alot in my trading. Can I ask why you feel the need for 21 and 50. You are using a red/green system and state that both must be red for short and vice versa. If 50 is red,21 is already. Could you remove the 21 and make it simpler still?
If you were using the rsi as a line chart(standard mt4) then there could be a benefit of knowing how far apart they were from each other and how they were reacting at important levels other than 50. It may be that it gives more confidence to enter just by seeing more than one confirmation...
if u use 1 RSI alone, u will get alot fate signal. I try to be simple but still we need to filter off some fate signal. Aren't 2 RSI simple enough? Swt...

Yeah, you can add 1 RSI line chart. Like i did. I put a RSI 21 for reference but for entry still base on both cross.

I didn't add in cos it will cos confusion. Btw, simply the best.
  • #22
  • Jul 9, 2009 6:59am Jul 9, 2009 6:59am
Quoting Eaty
This is a very easy scalping system. You can instantly test it out as it is a short TF scalping system. 1M, 5M and 15M is good as well.

No fancy indicator cause i prefer basic indicator.They don't repaint and simple. So the only indicator i am using is 2 RSI. I use a modified RSI for eye easy viewing.

So here you are.

indicator: Set to RSI 21 and RSI 50. OversoldLevel and overboughtLevel set to 50 as well.

Buy entry signal = both are DarkGreen
Sell entry signal = both are Red

[color=DarkGreen][b]This is a scalping system so there will be...
Here's a challenge for all the people coming to use this method.....

what say you all follow the above post only without changing it with endless indicators and new ideas.

SO THIS DOES NOT TURN INTO EUR/GBP TRENDMAGIC CIRCUS PART 2

If you do want to add something why don't u ask the thread owner Eaty.

Give the original version a shot.

cheers
  • #23
  • Jul 9, 2009 7:04am Jul 9, 2009 7:04am
Quoting Eaty
if u use 1 RSI alone, u will get alot fate signal. I try to be simple but still we need to filter off some fate signal. Aren't 2 RSI simple enough? Swt...

Yeah, you can add 1 RSI line chart. Like i did. I put a RSI 21 for reference but for entry still base on both cross.

I didn't add in cos it will cos confusion. Btw, simply the best.
Eaty.
i wasn't suggesting adding aline chart. I simply meant if you have to wait for the slower rsi 50 to confirm before entry , the 21 has already crossed. Only using the 50 wouldn't give you any false signals. So you only need the rsi50 and then red or green for go. I'll shut up now.
Andy
  • #24
  • Jul 9, 2009 7:04am Jul 9, 2009 7:04am
Quoting >Apocalypto<
............... EUR/GBP TRENDMAGIC
I myself is a Eur/Gbp treadmagic follower.
  • #25
  • Jul 9, 2009 7:05am Jul 9, 2009 7:05am
Quoting >Apocalypto<
Here's a challenge for all the people coming to use this method.....

what say you all follow the above post only without changing it with endless indicators and new ideas.

SO THIS DOES NOT TURN INTO EUR/GBP TRENDMAGIC CIRCUS PART 2

If you do want to add something why don't u ask the thread owner Eaty.

Give the original version a shot.

cheers
Good idea. You will sleep better.
  • #26
  • Jul 9, 2009 7:18am Jul 9, 2009 7:18am
Quoting Edgetrader
Good idea. You will sleep better.
you're one of the worst offenders!

typical smart ass remark with out thinking about the post I made. the original method was great but yourself and co destroyed it.

I say to u respect the poster and their hard work in their idea.

If you have an idea start a thread.
  • #27
  • Jul 9, 2009 7:19am Jul 9, 2009 7:19am
Quoting Eaty
I myself is a Eur/Gbp treadmagic follower.
I am also a fan, of the first version.

no more from me in here, I hope this can stay on course as it looks good to me.

good trading to u
  • #28
  • Jul 9, 2009 7:22am Jul 9, 2009 7:22am
Quoting andypips
Eaty.
i wasn't suggesting adding aline chart. I simply meant if you have to wait for the slower rsi 50 to confirm before entry , the 21 has already crossed. Only using the 50 wouldn't give you any false signals. So you only need the rsi50 and then red or green for go. I'll shut up now.
Andy
i add in 21 for filter. Here is a 50 rsi fate signal.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_03 Jul. 09 20.19.gif Size: 64 KB
  • #29
  • Jul 9, 2009 8:00am Jul 9, 2009 8:00am
Hi Eaty.
Yes , I see why you would now. I looked at a standard rsi and they were both crawling along the 50 level like a worm. I have an rsi indi somewhere that changes above below a certain level that you can set. ie green above 55, red below 45 and blue in between. let me know if its of any use to you and i'll send it to you. Will give your system a go on demo. I like this based around the rsi on or off style but find it needs massive discipline with the money and greed.
Andy
  • #30
  • Jul 9, 2009 8:05am Jul 9, 2009 8:05am
Quoting Eaty

This is a very easy scalping system.

Buy entry signal = both are DarkGreen
Sell entry signal = both are Red

I will say hit and run.

No Need, works on all TF's

Quoting >Apocalypto<

what say you all follow the above post only without changing it with endless indicators and new ideas.
Sad that it usually happens to people willing to share there idea and in a month or two the owner can't even recognice it own system

***

I did place this on my chart, together with my own system to help me decide on using it or not, not to bring my method here, I wont.

This is really a good method and it works on All TF not just for scalping, was it not for the NFA Hedging Policy it would have been great to use this as a Trending system, say on the 4hr, and scalping away against the trend on the 15min.

tx Eaty

M&M
  • #31
  • Jul 9, 2009 8:18am Jul 9, 2009 8:18am
does this work on the eurjpy?
  • #32
  • Jul 9, 2009 8:22am Jul 9, 2009 8:22am
Quoting andypips
Hi Eaty.
Yes , I see why you would now. I looked at a standard rsi and they were both crawling along the 50 level like a worm. I have an rsi indi somewhere that changes above below a certain level that you can set. ie green above 55, red below 45 and blue in between. let me know if its of any use to you and i'll send it to you. Will give your system a go on demo. I like this based around the rsi on or off style but find it needs massive discipline with the money and greed.
Andy
LOL, anyway thank for the indicator. I am using the indicator like you mention. It is in the chart dude. See post 1 for the indicator. It have given me a good view on the entry.

If use line, as u mention line RSI like worm crawling around. It is not easy viewing.

Anyway tq.
  • #33
  • Jul 9, 2009 8:25am Jul 9, 2009 8:25am
Quoting criss73
does this work on the eurjpy?
You can test out and share the result. i believe it can but i never test out for this pair yet. I tested on UJ (15m work best, because as you know UJ abit slow.), GJ and EU.
  • #34
  • Jul 9, 2009 3:04pm Jul 9, 2009 3:04pm
Eaty,

Thank you for sharing your method. I really do like the simplicity of it. I will be testing it as well.

I have one question based on possibly filtering out any fake signals. Have you ever used the next higher timeframe as another filter to confirm entry on signal? Have you tested this or is it not necessary?

Example: Trading on the 1min., have signal for buy therfore check 5min. TF and determine if RSI's are both dark green before entering.
This would also apply to shorts as well.

Thank you.
  • #35
  • Edited 6:14pm Jul 9, 2009 5:53pm | Edited 6:14pm
Hi Eaty.
This indi is not quite the same. It colours up the same but the bars actually show the level they're at. This may help with exits to see that the rsi is highly oversold/bought rather than just over /under 50. I had used it on a single rsi14 before but tried it tonight with 21 and 50 as per your rules. It worked well for me. I do not want to get labelled or blamed for diverting your thread so if you don't think it helps I can delete it.
Andy
I'm off to bed now.
Attached File(s)
File Type: ex4 RSI Color.ex4   3 KB | 557 downloads
  • #36
  • Jul 9, 2009 8:02pm Jul 9, 2009 8:02pm
Quoting Fxcash
Eaty,

Thank you for sharing your method. I really do like the simplicity of it. I will be testing it as well.

I have one question based on possibly filtering out any fake signals. Have you ever used the next higher timeframe as another filter to confirm entry on signal? Have you tested this or is it not necessary?

Example: Trading on the 1min., have signal for buy therfore check 5min. TF and determine if RSI's are both dark green before entering.
This would also apply to shorts as well.

Thank you.
I though about that but i never use that. If you think it help u, u can go ahead. As for me, i believe that system just a guild line. Sometime system dont suit all type of people behavior. For instant, i see some very profitable sys in forum for some people. When i work out on these sys i notice that i am paying those profitable trader.

Anyway you can show us your finding.
  • #37
  • Jul 9, 2009 8:04pm Jul 9, 2009 8:04pm
Quoting andypips
Hi Eaty.
This indi is not quite the same. It colours up the same but the bars actually show the level they're at. This may help with exits to see that the rsi is highly oversold/bought rather than just over /under 50. I had used it on a single rsi14 before but tried it tonight with 21 and 50 as per your rules. It worked well for me. I do not want to get labelled or blamed for diverting your thread so if you don't think it helps I can delete it.
Andy
I'm off to bed now.
Oi this indicator i had it already. I find it more confusing. Anyway if any other people find it helpful you can use it.

No worry mate there are no need to delete it. FF is the place we share good or bad idea. Some time bad idea is some one good idea. (i am not saying your idea is bad...)
  • #38
  • Jul 9, 2009 8:18pm Jul 9, 2009 8:18pm
I would like to make 2 main objective for this thread.

1st i wish that there will be no adding any new indicator to complicate the system. As i believe for the moment it work well alone. (No offense to those who share light and idea on new indicator. The original system will not change for the moment but if you think that there really a necessary of adding in a new indicator for improvement. Show us you finding and result and we will consider adding in.)

2nd i wish all can help me to improve in scalping out the max piggies with this sys by method and not by adding more indicator. for example:

Open 2 trade.
1st trade, TP is close whenever i feel the market is weakening. Around 10~30 pips
2nd trade, TP is when the opposite direction occur. BE is set whenever in profit.

This can be a proper system as well but i prefer it to be a scalping because this is the original intention i had when i 1st created this system. I want it to be short term system, I know it work well in long term. How you want to use it depend on you.

I believe knife, fire, water and etc can be very dangerous if never use wisely.But if we use it correctly it can be very useful. So do shit. (Lame dirty joke )
  • #39
  • Jul 9, 2009 9:06pm Jul 9, 2009 9:06pm
Just found this thread and loaded it up, and have been testing it already on live trading. The bars only repaint on the current bar, meaning that any closed bar will not repaint. As you know, there was much talk of repainting indis on the EUR/GBP trendomatic thread, which I followed from inception, as I am this one. That made for a very difficult visual back testing of what you would have done had you made a trade at any one point.
On your system, a person would have to figure starting the trade AFTER the appearance of two red or green bars on the historical chart to be fair, because if he jumped in while watching because he saw one red bar, and the second one turn red, that may be too early, because that second bar can trun back to green during the time that candle is open.
Not nearly as bad as the Vorticity indicator, or the FX fariz, freedom bars, fisher transfrom, etc., and it makes it much easier to visually back test and plan a strategy.
I understand and appreciate your desire for NO new indicators, and I will not attempt to introduce any of my own on this thread, although I will say your template fits VERY nicely with some other things (only a few) I was using and added to your template, which I will not mention.
I think this will be a long lived thread, and generate lots of interest.
  • #40
  • Jul 9, 2009 9:43pm Jul 9, 2009 9:43pm
Hmm i think i forget to mention 1 very important point of entry.

Buy entry signal = At the close of the candlestick both are DarkGreen
Sell entry signal = At the close of the candlestick both are Red

So mean we only entry the next candlestick open.

Update is made in the 1st post.

Anyway i do wish you guy can help out on my 2nd main objective of this thread. Scalping out the max piggies out of it by method.
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