Life is too short to have anything but delusional notions about yourself.
- #484
- Edited 4:58pm Apr 2, 2010 9:36am | Edited 4:58pm
Nice. Do you stay in the trade if the RSI gets pinned up/down in the OB/OS territory on a strong move?
... i'll try to explain my rules.....
i
consider the following trades ..if a trade goes bad .. this is what i usually do .....pls refer to the attached image ..
worst case scenario 1
the first entry would be loss of 3 pips
the second entry would be a loss of 2 pips
but the 3rd entry would be a profit of 6 pips
this will result in me averaging out or making a tiny profit ........
explanation :
The reason for first entry is : its -20 oversold .. ideally i'd exit when the price reaches rsi 60 but here it went down further so i had to buy again .......
2nd entry : as the move was still bearish and there was another attempt at 20's i took it....... and ideally i would wait for the rsi to reach 60 to exit both my trades but here it remained bullish ... so...
3rd entry .. here the rsi dint quite reach 20 but it was at a fairly stong support and the candle was also showing resistance ... and this time the price went up and rsi reached 60 ..
exit 3 trades when price touches 60 .. ideally i'd make a small profit or average out ....or maybe make a small loss
yeah i know .. if i'd followed your exit hoss .. i profit well here.. but then again .... these kinda situations are rare and most of the time my strategy works well and i make 6 - 8 pips on my trades .....
i've explained in the pic as well........ if this is not what you meant ....pls if you upload an even worse chart
... i'd try to explain better ...........
- #487
- Edited Apr 3, 2010 1:48am Apr 2, 2010 10:45pm | Edited Apr 3, 2010 1:48am
ofcourse hoss's method is much better than mine ..if you can follow it properly that is 
but being the impatient/overtrader that i am ...... i have devised this rsi strategy so that i can let go of my fears cuz it gives me a proper exit target .. this is a variation of hoss's strategy for people like me ... who cant follow his system properly....
60rsi or 40rsi in conjunction with hoss's system gives a good exit point !!!!
but being the impatient/overtrader that i am ...... i have devised this rsi strategy so that i can let go of my fears cuz it gives me a proper exit target .. this is a variation of hoss's strategy for people like me ... who cant follow his system properly
....60rsi or 40rsi in conjunction with hoss's system gives a good exit point !!!!
