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Buy dip sell high with rsi

  • #61
  • Edited 11:34am Aug 5, 2010 11:21am | Edited 11:34am
Quoting ranger_lp
I like what you have done. Since you are looking at 12 pairs simultaneously, you might want to look at this thread that discussed an EA for the 1-2-3 pattern. It can be used to trigger trades or just to generate signals...

http://www.forexfactory.com/showthread.php?t=210023
This indicator on M4 ?
Attached File(s)
File Type: mq4 1-2-3 Pattern MTF v3.1.mq4   22 KB | 647 downloads
  • #62
  • Edited Aug 6, 2010 1:45am Aug 5, 2010 1:24pm | Edited Aug 6, 2010 1:45am
Quoting ranger_lp
I like what you have done. Since you are looking at 12 pairs simultaneously, you might want to look at this thread that discussed an EA for the 1-2-3 pattern. It can be used to trigger trades or just to generate signals...



http://www.forexfactory.com/showthread.php?t=210023
Thank you for your suggestion

The point is risk management

depends on your risk appetite

since, the Ea only trigger trade when price made new high or passed point 2

my point is you need to keep your risk low

so the entry is at point 3 instead and sl right below break_out point of point 3

yes , there will be some small loss trades, but the big one will cover up those loss with profits when you have a good move or market decided to move that way.

as I mentioned in the early post that forex market is so volatile

due to news spike or whatever reason it can change and reversed other way

so keep the risk low in the long run the good trade will make you money

please review my entry chart of gbp/jpy setup today >>>>

if you look at the chart you can minimize the loss only 10pips + spreads
compare to the reversal move !
Do you see how volatile and risky it is ?????

Human being , Doing Same Thing Over & Over Again...


Regard,
Attached Image (click to enlarge)
Click to Enlarge Name: buy dip sell high 15.gif Size: 45 KB
  • #63
  • Aug 5, 2010 4:52pm Aug 5, 2010 4:52pm
Quoting eagle4x
Why don't you use RSI to determine when to buy/sell dips/rallies?
Not sure if you were directed at me, but I do. I'm merely sharing my long term trades. Yesterday I picked up a CAD/JPY short to add ~+2% of capital.
  • #64
  • Aug 6, 2010 1:25am Aug 6, 2010 1:25am
Here are few of the failed setups

is it worth for r:r ?????

Human being, do same thing over and over again
Attached Image(s) (click to enlarge)
Click to Enlarge Name: f setup 1.jpg Size: 146 KB
Click to Enlarge Name: f setup 2.jpg Size: 149 KB
Click to Enlarge Name: f setup 3.gif Size: 44 KB
  • #65
  • Aug 6, 2010 3:11am Aug 6, 2010 3:11am
Kevin,

Will you be kind enough to indicate on your charts, where the setup failed and where is your entry to take advantage of that?

Regards,
Sam.
  • #66
  • Aug 6, 2010 7:41am Aug 6, 2010 7:41am
Quoting sam101
Kevin,

Will you be kind enough to indicate on your charts, where the setup failed and where is your entry to take advantage of that?

Regards,
Sam.
Failed setup points are located at the vertical lines

Failed setup is the setup where prices did not do what it supposed to do


  • #67
  • Aug 7, 2010 7:54am Aug 7, 2010 7:54am
Here is the chart of usd/cad for next week

a worth looking for upside bias as i pointed out in post #48

if it closed above 1.0280 level ????

A buy trigger for upside is a good roi
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.gif Size: 43 KB
  • #68
  • Aug 7, 2010 10:59pm Aug 7, 2010 10:59pm
Kevin,

Thank you very much for your time and kindness, I am going to try this in the coming week.

Regards,
Sam.


Quoting LaTeCoMeR
Failed setup points are located at the vertical lines

Failed setup is the setup where prices did not do what it supposed to do


  • #69
  • Edited Aug 10, 2010 5:35am Aug 9, 2010 10:05am | Edited Aug 10, 2010 5:35am
Here is my Buy Trade for USD/CAD

I bought it at 1.0273

We'll see , How it turns out

Update The Trade SS 2
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdcad 2.gif Size: 37 KB
Click to Enlarge Name: usdcad 3.gif Size: 39 KB
  • #70
  • Aug 15, 2010 3:46am Aug 15, 2010 3:46am
I posted these screenshots of how to trade Price Actions and Price Chart Points, So you can identify how many successful & failed trades,

This is what trading is all about,

Best Wish

Kevin,
Attached Image(s) (click to enlarge)
Click to Enlarge Name: renko pa 1.jpg Size: 100 KB
Click to Enlarge Name: renko pa 2.jpg Size: 115 KB
  • #71
  • Edited 11:51am Aug 18, 2010 11:23am | Edited 11:51am
Below is screenshort of how price behaves with chart structure

this is all basic stuffs , all indicators are just for confirmation
Attached Image(s) (click to enlarge)
Click to Enlarge Name: reversal to long.gif Size: 28 KB
Click to Enlarge Name: chart structure.gif Size: 61 KB
Attached Images
  • #72
  • Aug 19, 2010 3:32pm Aug 19, 2010 3:32pm
According to my observation

80% of the times are failed setups
only 20 % of the times working setups are succeed

it do not matter what TF, systems , or Methods we used

Why????

it's all about trading psychology,

There are number of reason that made 80% failed trades

Number 1 reason = Exit positions due to Price did not behave to the expectation , ie, let's say I take a long position and it's been an hour , price did not move, i need to get out cuz, no follow through, something wrong is going on ,,,,

So if everyone exit their positions then it created market volatilizes, and panic

The first sign of Failed setup is
When you enter Long Trade and in positive then price came back and took you out ???? ...

20% of working setups succeed , it took a lot of times for the outcomes

That's why Forex is so simple but not easy to make money
  • #73
  • Aug 19, 2010 5:10pm Aug 19, 2010 5:10pm
Here is the Screenshot of Reversal of 1234 Reversal Formation
Attached Image (click to enlarge)
Click to Enlarge Name: reversal of 1234 reversal.gif Size: 35 KB
  • #74
  • Aug 20, 2010 1:54pm Aug 20, 2010 1:54pm
Market Profile and Currency Correlation and pair selection to trade for every setup played an important role too.
Attached Image (click to enlarge)
Click to Enlarge Name: pair selection.gif Size: 28 KB
  • #75
  • Aug 20, 2010 1:59pm Aug 20, 2010 1:59pm
has anyone achieved success with this system apart from the creator?
  • #76
  • Aug 25, 2010 12:37pm Aug 25, 2010 12:37pm
EUR/JPY heading South Again...
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 32 KB
  • #77
  • Aug 25, 2010 1:07pm Aug 25, 2010 1:07pm
Quoting qwertymyfx
has anyone achieved success with this system apart from the creator?
Yes. It is the only way I trade.

I've been shorting USD/CAD and USD/MXN as of late and we'll be seeing a drop within a week. LaTeCoMeR, have any USD/CAD shorts?
  • #78
  • Oct 2, 2010 6:23am Oct 2, 2010 6:23am
Hello LaTeCoMer,

You mentioned about Market Profile, is that same subject as in "Mind over Markets" book?

May you tell which combination of pairs that you use in BI_T101_OTR indicator to monitor J, G, E, U ?

Thanks a lot, hope a caveman can do it!

-slowpork
  • #79
  • Last Post: Nov 3, 2011 5:23am Nov 3, 2011 5:23am
Hi there LaTeCoMer and everyone else,
I managed to get your wonderful template working, took me about half an hour to realise hit the Expert Advisor to turn it on.

Anyway, the extra objects on the chart, the signal details and the wording "Sell only" don't seem to change. do they change? can I just tidy up and remove them?

Have you thought of sticking volume and bollinger bands on the chart to provide visual boundaries of speed?

I also noticed when a green bar has a lower wick, chances are it will go up, same opposite direction with red bar.

I don't know how you run multiple charts though with such high CPU usage. I seem to have problems with setting up a second chart with a different pip coverage (10 pip and 5 pip) charts, keeps messing up my first chart.
Second star to the right, and straight on 'til morning
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