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Attachments: The RSI Trade
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The RSI Trade

  • #361
  • Jul 2, 2009 3:13am Jul 2, 2009 3:13am
Now look what you made me do...
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  • #362
  • Jul 2, 2009 2:33pm Jul 2, 2009 2:33pm
Quoting jtrade
Now look what you made me do...

Don't blame me if you're just a sucker for the rsi. It just fits in that space at the bottom of the screen so well. Just got 12 short on eu on m5 down through the rsi 14 50 line.(see chart) Hit my limit last night at 1.4113 for 77 pips.(previous post , entry on rsi line break at 1.4190)
Had 45 this morning short again through the news. She is being kind to me lately.
Andy
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  • #363
  • Jul 2, 2009 2:37pm Jul 2, 2009 2:37pm
I got out of this for +12 short as it seemed greedy to go for more at this hour but just drew the rsi t/line on and realise this could be a big move if it holds. Coming up to 1.4000 though. lets see.
Attached Image (click to enlarge)
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  • #364
  • Jul 4, 2009 7:39am Jul 4, 2009 7:39am
Quoting andypips
I got out of this for +12 short as it seemed greedy to go for more at this hour but just drew the rsi t/line on and realise this could be a big move if it holds. Coming up to 1.4000 though. lets see.
Nice trades Andy. I have noticed that the longer the trendline is the better the trade will be. That looked like a nice set up.
Kareem
Trade Garlic
  • #365
  • Jul 5, 2009 8:18am Jul 5, 2009 8:18am
Hi Andy,
Nice trade.
Bollinger Bands work well with the RSI

I can't check your charts, but I'll bet that the Bollinger Bands had formed a throat about 4/5 bars back - expect an expansion in volatility i.e. a breakout
and the RSI was in the 60 zone - expect a rebound, price still in a down move or at least a sideways movement until the RSI breaks above 60 when a new up move may start

Just my two pence worth

May be worth checking out?

Happy pipping
Peter
  • #366
  • Jul 6, 2009 3:52pm Jul 6, 2009 3:52pm
Quoting lizpet
Hi Andy,
Nice trade.
Bollinger Bands work well with the RSI

I can't check your charts, but I'll bet that the Bollinger Bands had formed a throat about 4/5 bars back - expect an expansion in volatility i.e. a breakout
and the RSI was in the 60 zone - expect a rebound, price still in a down move or at least a sideways movement until the RSI breaks above 60 when a new up move may start

Just my two pence worth

May be worth checking out?

Happy pipping
Peter
Hi Peter
Thanks for the suggestion. I have spent months with bb and rsi and it just doesn't seem to be my perfect partner. I sometimes drop it on and also used a bbsqueeze indi for a while. I have john bollingers book and also subscribe to his free websites. One day it may look ok for me but for now the 9/21 cross and rsi line will do.
I have posted this mornings trade short from 1.3970 for 20 points on a take profit order. M15 chart rsi tline break coupled with rsi 50 line (first aqua arrow). Look at the massive divergence on the two lows later on. The confirmation of the divergence for me would have been the break upwards of the 40 line on rsi.
Also check out the way the pivots and mid points got tested today.
I'm short now after a try of the 70 line and a possible break down of this trendline. entry 1.3985 stop 1.4025 tp 1.3950. lower stakes and larger stop/tp. Wish I had been at home for the 2nd aqua arrow.
Andy
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  • #367
  • Jul 7, 2009 1:47am Jul 7, 2009 1:47am
Got it.
Never more than 9 points down, trade closed for +35. Look how the break of the t/line came down to test the lower/slower t/line and test the 40/60 levels. Check out M3 and pivot point touches. Nice start to the day when you wake up to that.
Attached Image (click to enlarge)
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  • #368
  • Jul 7, 2009 7:25am Jul 7, 2009 7:25am
Quoting andypips
Got it.
Never more than 9 points down, trade closed for +35. Look how the break of the t/line came down to test the lower/slower t/line and test the 40/60 levels. Check out M3 and pivot point touches. Nice start to the day when you wake up to that.
Nice trade Andy. I would use the rsi trend line to exit as well. It can keep you in good trades, longer.
Kareem
Trade Garlic
  • #369
  • Jul 7, 2009 8:33am Jul 7, 2009 8:33am
Quoting kareem40
Nice trade Andy. I would use the rsi trend line to exit as well. It can keep you in good trades, longer.
Kareem
Hi K.
I agree that can often be the case although once the line is broken down for a short we then have to wait for a pullback to give us two points to draw the down t/line to keep us in the trade. My entry and profit taking usually mean i'm out with profit before that pull back. Including the 35 overnight I am up 83 pips today. Had some on the upmove and 20 on the reversal from 1.4040. It was another nice line break after the rsi got really high and the price hit m4. How's your trading going?
Andy
  • #370
  • Jul 7, 2009 3:08pm Jul 7, 2009 3:08pm
Quoting andypips
Hi K.
I agree that can often be the case although once the line is broken down for a short we then have to wait for a pullback to give us two points to draw the down t/line to keep us in the trade. My entry and profit taking usually mean i'm out with profit before that pull back. Including the 35 overnight I am up 83 pips today. Had some on the upmove and 20 on the reversal from 1.4040. It was another nice line break after the rsi got really high and the price hit m4. How's your trading going?
Andy
Hi Andy,
I am still unable to trade with work the way it is. Business is still slow and I have to work twice as hard for half the results. I will keep tying to get back into trading, and I will keep a look in the thread. I very glad that you are doing well.
Kareem
Trade Garlic
  • #371
  • Jul 9, 2009 4:02am Jul 9, 2009 4:02am
"I will stop experimenting with indicators,
I will stop experimenting with indicators..."

I now have TRIX (thank-you, Edgetrader) with QQE and thanks to Andy, I have a close-only parabolic. No ema, no paintbar, just the 9 period channel that I find makes the chart easier to read. Horizontal lines are floor trader pivots....

... but how much of it is really needed (see second chart) ?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EC TRIX QQE para.jpg Size: 68 KB
Click to Enlarge Name: EC getting undressed.jpg Size: 49 KB
  • #372
  • Jul 9, 2009 9:27am Jul 9, 2009 9:27am
Thanks for posting this. I've long been a fan of RSI and just recently discovered trading the rsi trendline breaks. I find that this works fine in its simple state actually. No complex indicators or cluttered charts. Just RSI and price works great for me. Again, thanks Kareem and Andy.
  • #373
  • Jul 9, 2009 12:03pm Jul 9, 2009 12:03pm
... continuing my spell-binding discussion above, here are two charts of the same trade in progress (short 1.4054, partial at +10, stop moved to 1.4060 just above swing high).

On chart 1 I have drawn a red vertical line at the "TRIX + QQE entry", which the close-only parabolic didn't agree with. My actual entry was based on a simple "123 triple break", a personal favourite.

Chart 2 shows Kareem's RSI 21, which as I write is keeping me - just - in the trade, but has just caused me to lower my stop above that swing high 1 pip above my entry.

But as I wrote earlier, would I have done anything different without the indicators ? I think not (and you know RSI is my fave).

Please allow me to think out loud with you : my girls have headed south already and I am home alone for 10 days, back testing and trading...:nerd:
Attached Image(s) (click to enlarge)
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  • #374
  • Jul 9, 2009 5:22pm Jul 9, 2009 5:22pm
Quoting jdcompute
Thanks for posting this. I've long been a fan of RSI and just recently discovered trading the rsi trendline breaks. I find that this works fine in its simple state actually. No complex indicators or cluttered charts. Just RSI and price works great for me. Again, thanks Kareem and Andy.
Welcome Jdcompute, and thank you for the kind note. Please feel free to post any trades/charts in the future.
Kareem
Trade Garlic
  • #375
  • Jul 9, 2009 5:30pm Jul 9, 2009 5:30pm
Quoting jtrade
... continuing my spell-binding discussion above, here are two charts of the same trade in progress (short 1.4054, partial at +10, stop moved to 1.4060 just above swing high).

On chart 1 I have drawn a red vertical line at the "TRIX + QQE entry", which the close-only parabolic didn't agree with. My actual entry was based on a simple "123 triple break", a personal favourite.

Chart 2 shows Kareem's RSI 21, which as I write is keeping me - just - in the trade, but has just caused me to lower my stop above that swing high 1 pip above...
Nice trade J,
Nice to see that you are keeping the good old RSI. I am noticing a nice new set up on the RSI. I cannot remember were I got it from ( somewhere online) but it seems to work very well....so far. I will post some charts if it continues to work. The market this past week have been super choppy I think.
Kareem
Trade Garlic
  • #376
  • Edited 6:12am Jul 10, 2009 3:47am | Edited 6:12am
Hi All.
In light of the recent craze for multi coloured indis across the bottom of the screen I didn't want the RSI thread to not have been seen to make some sort of effort.
I have attached a chart for your consideration. It uses RSI color indi set at 51 for green and 49 for red, blue between.
Repainting. It will repaint only the current bar if it is hanging around the 50 level but on a 1 minute chart you won't have to wait long for it to stop or perhaps rewrite the code for me for nothing.
I have used 14 and 21 to stop any arguments between myself and Kareem and a 34 as everyone elses has at least three. Do you think we should add more?
Andy
Attached Image (click to enlarge)
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  • #377
  • Jul 10, 2009 5:45am Jul 10, 2009 5:45am
Quoting andypips
Do you think we should add more?
Andy
I don't know, Andy - if you'd remembered to attach the chart I could tell you... ?

  • #378
  • Jul 10, 2009 6:13am Jul 10, 2009 6:13am
Hey J.
It's there now.
  • #379
  • Jul 10, 2009 6:52am Jul 10, 2009 6:52am
Quoting andypips
Hi All.
In light of the recent craze for multi coloured indis across the bottom of the screen I didn't want the RSI thread to not have been seen to make some sort of effort.
I have attached a chart for your consideration. It uses RSI color indi set at 51 for green and 49 for red, blue between.
Repainting. It will repaint only the current bar if it is hanging around the 50 level but on a 1 minute chart you won't have to wait long for it to stop or perhaps rewrite the code for me for nothing.
I have used 14 and 21 to stop any arguments between myself...
Hi Andy,
It seems to work better than the ADX to show the trend. Nice set up. I guess we could always look at the last 20 bars, if there is more than 4 color changes, then we are choppying stay out. If not, we can just use the ( any ) ema to enter a trade. What do you think?
Also can you please email me the indicator.
Thanks
Kareem
Trade Garlic
  • #380
  • Jul 10, 2009 7:12am Jul 10, 2009 7:12am
Hi K
It can show some good entries and building strength. I like it when it turns from green to blue for a few bars and then back to green after testing the 21 ema. I have also used it with 40 and 60 levels for the red/green and that shows much more commitment but with fewer entries.
I also am using the double cci with sma I'll post a chart in the minute with both indis attached .
Tell us more about the rsi thing you are working on. Come on, show us a picture.
Andy
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