The RSI Trade

GBP/USD - Another 1 min trade for 10 pips.
The 5 min set up I posted before could change.

Well the EUR/USD trade took about 2 hours before the set up,
But it was good for +20 pips.

Same with the Pound

Hi AZ, new to forex so be gentle, can you write your trading set up in a format like steps one,two,three kinda deal so I might be able to get my head around it.. sorry for been a pain, also do you trade this live..to many guys on here posting trading systems that they made up on the bus on there way home from work.. thanks for posting your charts..

Moxie..

“Teach yourself and you have a fool for a master”

[quote=Moxie;2950619]Hi AZ, new to forex so be gentle, can you write your trading set up in a format like steps one,two,three kinda deal so I might be able to get my head around it.. sorry for been a pain, also do you trade this live..to many guys on here posting trading systems that they made up on the bus on there way home from work.. thanks for posting your charts..

Moxie..

Its as basic as what the tread starter (Kareem40, bless you) tells you in the 1st couple posts. I had read alittle about this type of trading, but untill kareem started this tread in never really tried it. It is the RSI 21 and make a trend line with it, sound so easy. Now the hard part is knowing if you have it drawn right and the signal you are getting is not a fake one. This is done by studing the movement of the RSI and price, sad to say it might take you some time to become good at it. As you can see from the 1 min charts sometime it is real easy to spot and other days I wont make a trade because it is not a clear line, so I just keep my money untill there is no question about a trade set up. Once you have traded this way for awhile you will also notice some patterns in the RSI (1 min, 5 min) that you cannot see in the price, and lets you know if triggered you will make some pips. The RSI 21 is the bulk of my signal. I also use a 14 period volitility indicator to see what the price swings are doing. I really believe in the HH & LL in price swings to put me in and out of the trades. The 1 min chart setups are always for 10 pips and the 5 min setup are for 20 pips. The MACD on my charts is just for looks No really, I look at it alittle but does not really effect if I take a trade or not, just a look into momentum is all.

Anything more just ask, but you should start from the 1st post.

AZ

As I was like you at one point in time (not that I'm an expert) you are picking a hard road to go down with FX trading, But you have pick a good place to start. There are alot of good people at the FACTORY and most were willing to share and teach. You should listen to them all, and then, figure out what works for you and only you. Once you have it mastered you must do one thing "PAY IT FORWARD". Thanks

Looking for this bar to be filled by 12PM EST

Order not filled - wait for next signal in direction of RSI Momentum.

Hi AZ,
We normally tend to use a trendline break to action a trade.

Have you considered taking a trade in the direction of the current move, i.e. enter on a retrace and bounce of the trendline, and staying with it until it finally breaks thro the trendline

Just a suggestion, as you said use what works for you, (but always have an open mind) http://www.forexfactory.com/images/icons/icon6.gif

Peter

I find that traders dynamic index is very useful because help me to see better how to draw trendlines to rsi , I try to learn to trade the breakouts and the bounces from this trendlines .
Thanks kareem40 to start this thread.
I don't know if can do this ,but i want to share with the newbies like me ,this site http://www.4shared.com/network/search.jsp ,were you can download a lot of good books about forex .
GOOD TRADING

usdcad 15 min

I use only 15 min , eurgbp
traders dynamic index rsi = 17, signal line=21

sl =0 , tp =20 pips

It was a nice day to make pips

gbpusd

Avoiding false breakouts

The circle on RSI is a Positive Reversal confirmation which was the first signal that price was heading up. Two more confirmations were at the institutional moving averages at point 2 and 3 where support was found; tying in the price, momentum and institutional aspects. Trade made 225 pips

what is the signal line ?

thanks to all those that have contributed to this post,for this it has been very useful. please can someone tell me how to put the lwma on the rsi. i use mt4 platform.
i will be expecting to hear from someone . thank you
mainmayor

Signal line is the red line ,the ema 21.

-For mainmayor i attached two ind with rsi ,bb and ma

thank you forex trader1 i saw the chart. please i need you to direct me on how toplace lwma on the rsi window