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RSI based system not working anymore

  • #21
  • Mar 25, 2010 5:36am Mar 25, 2010 5:36am
Quoting Dopey
Take a look at this, it might help, it might not, but it's worth reading if you want to use the RSI.

cheers for this
  • #22
  • Mar 26, 2010 6:54pm Mar 26, 2010 6:54pm
can any programmer help me with an indicator...
I need an indicator that will display the change in RSI per price change in pips.

Something like 3pips/unit change in RSI ...

It should be simple for a regular mql programmer...

but it should do it for each tick change of price...
  • #23
  • Mar 26, 2010 7:26pm Mar 26, 2010 7:26pm
Quoting igauresh
hi,
I have been trading on this system for the past month or so ...
The rules were very simple enter long when RSI is below 25 and short when RSI is above 75...
Forget RSI and indicators...

All you need is Price Action and Support and Resistance!

I didn't see a timeframe for your trading - but I recommend Daily!

Regards,
JS
  • #24
  • Last Post: Mar 27, 2010 12:21am Mar 27, 2010 12:21am
Quoting thelws
The number 1 rule of oscillators:
-It is a supplicant to basic trend analysis. Relying solely on oscillators to generate signals = doom

In a trending market, you do not use oscillator based strategies.
In a sideways market, you do not use trend following strategies.

If you look at the longer time frame charts (daily and weekly), you will find that there are very clear trendlines/support/resistance. The prices obey trendlines/support/resistance more than they obey oscillators.

Just wait a little while more for the market to make up its...
If you can know when the market trend and when it's not, that your edge, believe me... and when everyone can spot market trend or not trend, no one can earn the money, and that where the big will trap all your money
Back to the beginning ... demo
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