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The RSI Trade

  • #821
  • Jan 18, 2010 4:41pm Jan 18, 2010 4:41pm
Thank you, very informative. However, with this low volume at the moment i doubt if technical analysis weighs that much.

What I like especially :

a) (I have a wife and 5 kids, so usually the only thing I am right about is being wrong! ) Wonderful.

b) your explanations, showing the thought process clearly.

c) having the opportunity to see RSI related trades taken on a different chart platform and comparing the reading to my own version.

Thank you !
Be like water.
  • #822
  • Jan 18, 2010 6:21pm Jan 18, 2010 6:21pm
Thank you for the kind words of encouragement. I was hoping I was making sense with my explanations and not sounding preachy.

I would have to agree about the volume on a Bank Holiday. In fact I was surprised to see any real movement past 11:00am CST. But there was enough to sneak 31 pips out of it, so for that I am grateful. So as to keep things even, I will post losing trades as well. I think it's misleading to only post winners, something you see a lot of in most forums. I have noticed here at FF, folks are willing to show both sides of the trade. Lets face it, there's only one real guarantee in trading, you're going to lose at some point, right?

If there are no complaints, I will most certainly continue with these posts.
  • #823
  • Jan 20, 2010 8:09am Jan 20, 2010 8:09am
TO BE OR NOT TO BE ?
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My humble opinion.
  • #824
  • Jan 20, 2010 11:25am Jan 20, 2010 11:25am
Quoting igmal
i was talking about this difference
Hi igmal,
I am still working with the 21. My guess is that it should not matter much as long as you don't keep changing. Use on and stick with it for some time ( like a year or two).
Thanks
Kareem
Trade Garlic
  • #825
  • Jan 20, 2010 11:29am Jan 20, 2010 11:29am
Quoting Ronin2002
Unlike my earlier posts, this trade utilized PA, S&R, and RSI (no stochs this time)
Despite a misread of things this morning this trade did work out a little for me, but I had to work for it. As depicted by the red vertical line, I entered the trade @ 1.4393 (short) as the RSI had broken my trend line, or so I thought. I waited patiently for the price decline, but as you can see in the chart, it didn’t come (at least not when I expected). As I said in an earlier post I use a 10pip SL per my stats, and as the chart shows, I needed it. I had decided...
Hi Ronin,
Thanks for the posts. I do like your set ups and posts. I hope you keep them coming. My only feed back is that 10 pips is too tight. What I do now is when I feel that my stop is too tight, I cut my position in half and double my stop. Stops are good, but "unfilled" stops are best.
Please keep your posts coming.
Kareem
Trade Garlic
  • #826
  • Jan 20, 2010 12:53pm Jan 20, 2010 12:53pm
Forgive me. i see I had never mentioned that the 10 pip SL is my initial placement. As the trade matures and after having reached 15 pips I move it to breakeven where it stays until trade completion.

kareem, thank you for your input and I hope to hear more. My intention for posting is not only to demonstrate what has been working for me, but also to find any flaws that mat exist. My goal in trading is to do so well, and let the profits take care of themselves. So don't be shy. I believe in the saying of 'traders helping traders'. Its a BIG market and we are after all the smallest part.
  • #827
  • Jan 20, 2010 1:16pm Jan 20, 2010 1:16pm
thank you karem!it is ALL about the study of RSI.you have perfectly right that we have to stick and make no changes.i think that this great thread helps us to understand how rsi act in different market'conditions.the good or bad trades(advices,etc) are welcome as long as we have something to learn.i thank of all of you. P.S. It is just a humble opinion.
My humble opinion.
  • #828
  • Jan 21, 2010 6:48pm Jan 21, 2010 6:48pm
OK, I know this set up doesn't involve FX, but I did mention it earlier and promised a follow up. As you can see in the first chart, after having bought the SPY FEB109 puts again last Thursday, I should have been happy at the close on Friday. But with the long weekend, the MM's had sucked out the volatility of the options, and with a lot of time left I figured I would let them stew a little longer. Jump to this past Tuesday. I won't lie, I was a little nervous that price would breach the high from last week. But price was bumping its head against strong resistance, and the studies were all over bought. So, again, lots of time left (though it was decaying) til expiration, so I'd thought I'd stick it out.

Yesterday brought a smile to my face, as it gapped down and by the close, the RSI had again broken my trendline (see second chart SPY Day). The final nail came for me as this morning I took a peek at the ES (S&P futures) and saw the smiley face looking at me (see last chart 2hr-extended hours), ES had formed a Head and Shoulders. So I measured out the target, which coincided nicely with a support level at 111.56. I thought I missed the boat in the morning, but after lunchtime saw that the RSI was still weakening, so I set a conditional order to close if/when SPY hit 111.75 again. I didn't have to wait too long as it hit after 2pm CST for nice 65% return. So anyway, I said I let you all know how it worked out. Since this is an FX forum, I will keep the option plays out from now on. I feel that I should also apologize for hijacking the thread like this. Happy Trades!
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  • #829
  • Jan 23, 2010 11:30pm Jan 23, 2010 11:30pm
Hi, I'm also trading with the RSi indi. I have not been doing it for very long, but the way I trade it has been making me some good pips.

I'm attaching some charts. Please don't ask for TP or SL. It differs all the time. It is determined by how the market moves.

I'm attaching my live account graph. I had a small account, $60. Lost all but only $5. I'm now recovering slowly but surely.
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  • #830
  • Jan 24, 2010 1:50am Jan 24, 2010 1:50am
Hmmm.. I Don't use any indicators for my trading except candle sticks (if you want to call that an indicator) and trend lines / S-R levels. However, using the RSI in this method is very interesting. Recently i have been playing the Eur/Usd and im seeing that if i had use the RSI in this method, i would of been well off to even better results. I will be adding this to my strategy as this seems much more useful than the buy when RSI is oversold and Sell when overbought..etc. Nice job. BTW, i Only trade 4Hr and Daily.
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"The market doesn't beat them, they beat themselves" - J. Livermore
  • #831
  • Jan 24, 2010 7:45am Jan 24, 2010 7:45am
Quoting Ronin2002
OK, I know this set up doesn't involve FX, but I did mention it earlier and promised a follow up. As you can see in the first chart, after having bought the SPY FEB109 puts again last Thursday, I should have been happy at the close on Friday. But with the long weekend, the MM's had sucked out the volatility of the options, and with a lot of time left I figured I would let them stew a little longer. Jump to this past Tuesday. I won't lie, I was a little nervous that price would breach the high from last week. But price was bumping its head against...
Great trade. And yes keep posting. By the way I ( Day) trade the SPY and QQQQ as well. Not option but the ETF it self. I took that same trade in the Qs, it was goof for 20c on halft and 40c on the rest. Plus you are giving great trading information for any market.
Thanks
Kareem
Trade Garlic
  • #832
  • Jan 24, 2010 7:50am Jan 24, 2010 7:50am
Quoting sitestuff
Hi, I'm also trading with the RSi indi. I have not been doing it for very long, but the way I trade it has been making me some good pips.

I'm attaching some charts. Please don't ask for TP or SL. It differs all the time. It is determined by how the market moves.

I'm attaching my live account graph. I had a small account, $60. Lost all but only $5. I'm now recovering slowly but surely.
Welcome and thank for the post. It really does not matter, you can be trading $10 account or $1,000,000, other than the fills trading is trading.
Thanks
Trade Garlic
  • #833
  • Edited 8:30am Jan 24, 2010 7:53am | Edited 8:30am
Quoting NYWallSt
Hmmm.. I Don't use any indicators for my trading except candle sticks (if you want to call that an indicator) and trend lines / S-R levels. However, using the RSI in this method is very interesting. Recently i have been playing the Eur/Usd and im seeing that if i had use the RSI in this method, i would of been well off to even better results. I will be adding this to my strategy as this seems much more useful than the buy when RSI is oversold and Sell when overbought..etc. Nice job. BTW, i Only trade 4Hr and Daily.
Welcome NYWallst and thanks for the post. I like trading naked as well, but the RSI can mask some of the noise the price candles can show. Also the RSI is like a "Swiss Knife" indicator, good for entries, exits, trendig and ranging markets. Also works very well for S/R. Hope to see more posts from you.
Kareem
Trade Garlic
  • #834
  • Jan 24, 2010 4:15pm Jan 24, 2010 4:15pm
Quoting kareem40
Welcome NYWallst and thanks for the post. I like trading naked as well, but the RSI can mask some of the noise the price candles can show. Also the RSI is like a "Swiss Knife" indicator, good for entries, exits, trendig and ranging markets. Also works very well for S/R. Hope to see more posts from you.
Kareem
Hey Kareen. I was going through some charts of the previous 2 weeks and i must say, although i did profit, Using the RSI in this way would have really shot my account capital up. Definitely a good strategy, However, will take some getting used to as i have not had an indicator window on my charts for a while.
"The market doesn't beat them, they beat themselves" - J. Livermore
  • #835
  • Jan 24, 2010 9:37pm Jan 24, 2010 9:37pm
Welcome! Just be sure you don't become totally reliant on it. Add it to support the way you currently trade. Just my 2 pips.
  • #836
  • Jan 26, 2010 6:55am Jan 26, 2010 6:55am
Here is a break that I had to take.
Kareem
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Trade Garlic
  • #837
  • Jan 26, 2010 7:24am Jan 26, 2010 7:24am
hi kareem!in the moment i reed your post i trade the same pair.this is a daily chart.look the level of SR.in 4hseems to be a pin.in 1h RSI meets SR to 70 level and turn.all these make me to be short.
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My humble opinion.
  • #838
  • Jan 26, 2010 8:23am Jan 26, 2010 8:23am
Looking good so far. It wanted to re-test the 60 RSI level, but did not make it.
Kareem
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Trade Garlic
  • #839
  • Jan 26, 2010 8:25am Jan 26, 2010 8:25am
Quoting igmal
hi kareem!in the moment i reed your post i trade the same pair.this is a daily chart.look the level of SR.in 4hseems to be a pin.in 1h RSI meets SR to 70 level and turn.all these make me to be short.
The Daily had a very nice break as well. Draw the line. Please note the longer the line the better the trade ( the break).
Kareem
Trade Garlic
  • #840
  • Jan 26, 2010 8:34am Jan 26, 2010 8:34am
i'm out -10.thanks.
My humble opinion.
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