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  • #561
  • Jun 23, 2010 6:19am Jun 23, 2010 6:19am
Hi guys,

I've been trading Hoss' system for some time now. It really works, however there are some days when the sygnals are not correct or appear around 15-20 pips earlier, or are just fake ones. Today was such a day. I trade many different pairs. RSI (8) 80,20. BB and EMA 5. I wait the price to go penetrade BB, reach 80 or 20 level of RSI and be away from EMA5, then I execute the trade. But there are some movements, lets say upwards, where the price escalates continuously upwards and we have constant sell signals. I am getting caught there quite often.
Do you have any idea how to filtrate them ?
  • #562
  • Jun 23, 2010 7:30am Jun 23, 2010 7:30am
Quoting Dhb
Thanks for sharing those charts and excel overview, Midnight! Really informative.

Am I right in assuming that you enter as soon as both BB upper/lower band and RSI 85/15 level are simultaneously being breached, or is there more to it?

I'm assuming you don't use stops, do you? It seems you had to suffer some serious drawdown during your last UJ trade. It went further down for quite a few minutes after you bought in @ 90.48 before it finally reversed and you were able to close the trade out for a win. I know I would get pretty nervous...
Well I wait until I see the reverse on the RSI when the next 1M candle forms, cuz sometimes it continues to escalate, and that UJ trade well I dont trade without SL, (I read enough to know that is suicide when scalping) my SL is always 10 pips at market best, Its more like an emergency kinda situation stop cuz 99% of the situations in the last month the reversal will go for al least 6 to 12 pips (6 pips when theres only 1 market session active and more if there are 2 active NYLN overlap and SYTY overlap) so depending on what time of the day am trading my TP is 5 or 3 pips per trade, so i guess this was a special situation where the drawdown went to 9 pips and then climbed up
  • #563
  • Jun 23, 2010 7:40am Jun 23, 2010 7:40am
Quoting vdinev
Hi guys,

I've been trading Hoss' system for some time now. It really works, however there are some days when the sygnals are not correct or appear around 15-20 pips earlier, or are just fake ones. Today was such a day. I trade many different pairs. RSI (8) 80,20. BB and EMA 5. I wait the price to go penetrade BB, reach 80 or 20 level of RSI and be away from EMA5, then I execute the trade. But there are some movements, lets say upwards, where the price escalates continuously upwards and we have constant sell signals. I am getting caught there quite...
I would recommend definately going with RSI(8) 85 15 you will get less signals but better ones, and also wait until you see the reverse on the RSI graph, dont enter the trade before that (you wont make the pips) and if you feel that you still wont get the pips, then dont enter the trade its better to say I wish I was on this trade than saying I wish I hadnt been on that one (thats not my quote btw, I read it on article here). Am also working on a new system that helps me get more good signals, and so far so good, Ill post something once I see its giving me results, BTW am a full member now! yey!! so ill be posting more often, hope we can all get a really good system going on here!
  • #564
  • Jun 23, 2010 8:01am Jun 23, 2010 8:01am
Quoting Midnight05
I would recommend definately going with RSI(8) 85 15 you will get less signals but better ones, and also wait until you see the reverse on the RSI graph, dont enter the trade before that
Hi Midnight,

Thanks again for your valuable replies. What exactly do you mean by waiting until you see a reversal on the RSI graph? Do you mean that if the RSI goes above 85 or below 15, you wait until it closes again below 85 or above 15, or would you enter if the RSI makes its first less extreme close (so not necessarily below 85 or above 15, just less high or less low than the previous close)?

Thanks again.
It's not about how much you make, it's about how much you don't lose.
  • #565
  • Jun 23, 2010 8:13am Jun 23, 2010 8:13am
Quoting Dhb
Hi Midnight,

Thanks again for your valuable replies. What exactly do you mean by waiting until you see a reversal on the RSI graph? Do you mean that if the RSI goes above 85 or below 15, you wait until it closes again below 85 or above 15, or would you enter if the RSI makes its first less extreme close (so not necessarily below 85 or above 15, just less high or less low than the previous close)?

Thanks again.
Well i guess its the second scenario you propose hehehe, I uploaded one example: for instance the alarm went of in the first bar above the blue line, and as you can see on the RSI indicator i didnt see the line turn back up until the bar above the red line.

Attached Image (click to enlarge)
Click to Enlarge Name: reversal1.jpg Size: 183 KB
  • #566
  • Jun 23, 2010 8:39am Jun 23, 2010 8:39am
Let me see if I understand correctly...

Attached Image (click to enlarge)
Click to Enlarge Name: eu m1.gif Size: 57 KB
It's not about how much you make, it's about how much you don't lose.
  • #567
  • Jun 23, 2010 8:53am Jun 23, 2010 8:53am
Quoting Dhb
Let me see if I understand correctly...

Attachment
I dont think you shouldnt wait until the close of that candle cuz the reverse line on RSI (8) started to turn back probably a few seconds after the open of that candle, at that point you should go long before the close of that candle.
  • #568
  • Jun 23, 2010 8:55am Jun 23, 2010 8:55am
Hi Midnight,

so u only enter position after close of 1M bar after reaching extreme values 85/15, and RSI turning back down or up? or u wait for turning point like S/R, MM pivots too? I do not try wait for close of bar, but it could be safer yr way.

Thanks )
  • #569
  • Jun 23, 2010 8:58am Jun 23, 2010 8:58am
news time, my broker took 1 pip of the table during the news.
  • #570
  • Jun 23, 2010 9:19am Jun 23, 2010 9:19am
Quoting bergax
Hi Midnight,

so u only enter position after close of 1M bar after reaching extreme values 85/15, and RSI turning back down or up? or u wait for turning point like S/R, MM pivots too? I do not try wait for close of bar, but it could be safer yr way.

Thanks )
I usually dont wait for MM, but when am close to them I wait to see if they are broken or not, I rather have a few positive trades than risk for a lot of false signals, and hyperion1980, as an advise NEVER trade during news releases with this method, alarms will go off like crazy, but spikes may kill you in a sec, wait 15 min after everything calms down and continue ur trading, as a matter of fact I just saw 20 pip spikes during the last one.
  • #571
  • Jun 23, 2010 10:01am Jun 23, 2010 10:01am
Quoting Midnight05
I dont think you shouldnt wait until the close of that candle cuz the reverse line on RSI (8) started to turn back probably a few seconds after the open of that candle, at that point you should go long before the close of that candle.
The risk of entering into a trade at only the first sign of RSI reversal, not waiting for a close of the candle (and therefore a confirmation that RSI has reversed), is that it's a temporary pullback (of < 1 minute) before further continuation to more extreme values resumes. I got caught in such moments quite often lately.

Judging by the many successful trades you shared with us earlier today, you obviously have a knack for knowing how to stay out of these situations.
It's not about how much you make, it's about how much you don't lose.
  • #572
  • Jun 23, 2010 10:17am Jun 23, 2010 10:17am
Quoting Dhb
The risk of entering into a trade at only the first sign of RSI reversal, not waiting for a close of the candle (and therefore a confirmation that RSI has reversed), is that it's a temporary pullback (of < 1 minute) before further continuation to more extreme values resumes. I got caught in such moments quite often lately.

Judging by the many successful trades you shared with us earlier today, you obviously have a knack for knowing how to stay out of these situations.
Hehehe, well I honestly dont think its a knack, cuz i can assure you if u have the 85 and 15 ob/os on RSI I think that a temporary pullback its not very likely cuz if you wait for that bar to close u r not gonna make it to your TP, wait for the first 2 or 3 bars if u see that the movement is still aggressive, if u dont like the movement, then step aside, wait for a trade where u r confident ull get the pips, once u practice and analyze the charts I beleive everyone can make the right calls, Its like what hoos said i think he just by looking at the charts knew about those things, and I would really like to know how he does it cuz i think he still operates with 80/20 and that gives a lot more signals. Right now I made like 20 pips today so far ill share with u guys my trades when i call it a day. Ohh one more thing as you can see lately ive reduced my tp on 1 min charts to 3 pips, i just kept the 5 pip tp on the 5 n 15 min charts the success rate is higher and I know the trades can go longer than only 5 pips but i guess that i really dont wanna risk it, i rather have 10 to 15 successful transactions a day with 3 pips than missing the tp, and like I only enter when I meet all my rules, i have better chances for taking those pips
  • #573
  • Jun 23, 2010 10:39am Jun 23, 2010 10:39am
Quoting piptalk
Read this thread and master this trading technique,,,Its one of the best systems on FF,,,,I am going to post my trading history for anyone that wants to follow the power of this system,,,,BTW I only trade,,, gpb/usd,,,,Good luck!!

http://www.myfxbook.com/members/Mich...k8cFzsB2BM4n6a
"Sorry, but this system was deleted by it's creator."
  • #574
  • Jun 23, 2010 11:13am Jun 23, 2010 11:13am
Quoting Midnight05
Hehehe, well I honestly dont think its a knack, cuz i can assure you if u have the 85 and 15 ob/os on RSI I think that a temporary pullback its not very likely cuz if you wait for that bar to close u r not gonna make it to your TP, wait for the first 2 or 3 bars if u see that the movement is still aggressive, if u dont like the movement, then step aside, wait for a trade where u r confident ull get the pips, once u practice and analyze the charts I beleive everyone can make the right calls, Its like what hoos said i think he just by looking at the...
So you use a stop of 10 pips and a TP of 3. Having a loser that's >3 times your winners requires tremendous accuracy. What's your win rate with that MM, if you don't mind me asking?
It's not about how much you make, it's about how much you don't lose.
  • #575
  • Jun 23, 2010 11:29am Jun 23, 2010 11:29am
Quoting Dhb
So you use a stop of 10 pips and a TP of 3. Having a loser that's >3 times your winners requires tremendous accuracy. What's your win rate with that MM, if you don't mind me asking?
Mmmm not quite sure, but I get at the most 1 bad trade a day if I get any. By the way a couple of minutes ago I got in one of those situations that u described before of the RSI getting to 85 and having a small drawdown just to climb up again on AUDUSD, and I wasnt able to dodge that one cuz I entered on the first drawdown, so in that case I lowered the TP to 1 pip cuz you r right I wouldve lost that one but with a small TP I was able to close that one with no loss, If I wouldve waited for the 3 pip it wouldve never come, I think this is one of the reasons an EA with this method will not be able to do good.
  • #576
  • Jun 23, 2010 12:09pm Jun 23, 2010 12:09pm
Quoting Midnight05
I would recommend definately going with RSI(8) 85 15 you will get less signals but better ones, and also wait until you see the reverse on the RSI graph, dont enter the trade before that (you wont make the pips) and if you feel that you still wont get the pips, then dont enter the trade its better to say I wish I was on this trade than saying I wish I hadnt been on that one (thats not my quote btw, I read it on article here). Am also working on a new system that helps me get more good signals, and so far so good, Ill post something once I see its...
Thanks a lot for your answer Midnight I would really appreciate it if you can briefly explain what do you mean by "reverse on the RSI graph". Is it the place where it breaks the movement and starts going the other direction on RSI?
Thank you in advance
  • #577
  • Jun 23, 2010 12:24pm Jun 23, 2010 12:24pm
Quoting vdinev
Thanks a lot for your answer Midnight I would really appreciate it if you can briefly explain what do you mean by "reverse on the RSI graph". Is it the place where it breaks the movement and starts going the other direction on RSI?
Thank you in advance
Yup thats what I mean, Am really sorry guys if i cant explain myself better its just english its not my first language and with all the technical terms i think its worse.
  • #578
  • Jun 23, 2010 12:33pm Jun 23, 2010 12:33pm
Quoting Midnight05
Yup thats what I mean, Am really sorry guys if i cant explain myself better its just english its not my first language and with all the technical terms i think its worse.
Thanks again, I just saw that you have answered that Q already before. And don't worry about the english, I am not a native speaker too, but we are not on a language course here, right a friend of mine will try to create EA from that system. I will let u know if it works. I really don't think we'll manage to make it profitable cuz there r too many variables in it, however it is worth trying if you have any suggestion about including another indicator that can filtrate the false movements please let me know
  • #579
  • Jun 23, 2010 12:56pm Jun 23, 2010 12:56pm
Quoting vdinev
Thanks again, I just saw that you have answered that Q already before. And don't worry about the english, I am not a native speaker too, but we are not on a language course here, right a friend of mine will try to create EA from that system. I will let u know if it works. I really don't think we'll manage to make it profitable cuz there r too many variables in it, however it is worth trying if you have any suggestion about including another indicator that can filtrate the false movements please let me know
Yeah there is a lot of variables that have to be considered, for instance I was thinking that the long/short call, should be made AFTER the RSI (8) has crossed the OBOS lines and taking in consideration the average of the RSI values after that point if the RSI value goes below that averge then you should take the trade, am gonna edit my RSI indicator to give me this kind of signals let u know if i manage to get a stable indicator
  • #580
  • Jun 24, 2010 2:41am Jun 24, 2010 2:41am
Midnight,

Hope you don't mind me asking, but where did you find the RSI alert indicator you're currently using? The best alert I have found to date is one that gives an alarm when there's either a lower RSI close above a customizable overbought level, or a higher RSI close below a certain oversold level (so when price is "hooking" back to the 50 level). As you know, that's just not good enough, since we're looking to get a warning when there's a realtime penetration of certain OB or OS levels (when using 85/15, I can imagine the alarm levels being something like 82/18 or something). I would have thought an indicator like that could easily be found online, but I guess I was wrong.
It's not about how much you make, it's about how much you don't lose.
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