Disliked{quote} hi, thanks for sharing, i have been using something similar to that. my levels are 75 and 25. time frame 4h. if possible attach your template, please. thanksIgnored
EURGBP paying out finally 
I have shorted all the way up till 84. The 1hr rsi reached 86! But it came back as expected..
I also took advantage of a very nice trade on EU when it spiked to 43, the RSI for 1m and hourlies were above 80, most TF were overbought, jumped in and got small pips.. It's risky to hold , it can pay more but it can also reverse on you. I do not like to toss a coin.. as soon as the price has corrected I exit
I have shorted all the way up till 84. The 1hr rsi reached 86! But it came back as expected..I also took advantage of a very nice trade on EU when it spiked to 43, the RSI for 1m and hourlies were above 80, most TF were overbought, jumped in and got small pips.. It's risky to hold , it can pay more but it can also reverse on you. I do not like to toss a coin.. as soon as the price has corrected I exit
Here is an AUD 1M chart. Notice how 15 and 30 M RSI is up close to 80 and 5 M RSI is divergent. 4 quick pips, in and out. {image}
One minute chart gave plenty of trades today on all pairs. Not bad at all for a Friday right?
Hi fugly
I've been trading it on my real account for 3 weeks now, and it's not anything new - the OB/OS trade is a very old strategy you can read on Google for example about selling stock when RSI is >80 and the opposite. So here's the catch.. I do not go blindly ofcourse, I consider lot of factors like the distance between MA and price, the timeframe, other timeframes giving the same signal? is there any divergence in any rsi for that pair? and that makes me decide to trade it or leave it.
When a position goes against me by fair amount of pips I double my position and when the price comes close to my first entry, I close both in profit and the first at small loss even, well the important part is to make profit and not win every trade, so even if you're up by 1 pip close it and take another trade, EURGBP is a quick example, I took it from 65, it went up and up so I took again from 74-76 (doubled) and again took from 84.. now if you review the situation I am in profit even tho I closed for loss the initial positions because like I said "fear and greed" have no place in trading..you just have to be confident that the price will make a correction (in EURGBP the 1hr chart was at 87 that's so unlikely..From my observation you'll get a chance to exit at least at breakeven.. but If the price corrected 10 pips or so then moved against you do not blame it, you should realize that it's possible to get 3 pips only in 1min chart and up to 10-15 on longer timeframes, that should be enough to build up profits.
The hit rate has been 100% for me. I am trading it with real money and big lots (kind of agressive style) and it's working neat so far for me. If a trade failed once, I have the guts to say it here.
I do not use SL, I exit at the closest point that puts me in profit at breakeven without allowing the RSI to free up the reading and do another steep move (that's so important)
I've been trading it on my real account for 3 weeks now, and it's not anything new - the OB/OS trade is a very old strategy you can read on Google for example about selling stock when RSI is >80 and the opposite. So here's the catch.. I do not go blindly ofcourse, I consider lot of factors like the distance between MA and price, the timeframe, other timeframes giving the same signal? is there any divergence in any rsi for that pair? and that makes me decide to trade it or leave it.
When a position goes against me by fair amount of pips I double my position and when the price comes close to my first entry, I close both in profit and the first at small loss even, well the important part is to make profit and not win every trade, so even if you're up by 1 pip close it and take another trade, EURGBP is a quick example, I took it from 65, it went up and up so I took again from 74-76 (doubled) and again took from 84.. now if you review the situation I am in profit even tho I closed for loss the initial positions because like I said "fear and greed" have no place in trading..you just have to be confident that the price will make a correction (in EURGBP the 1hr chart was at 87 that's so unlikely..From my observation you'll get a chance to exit at least at breakeven.. but If the price corrected 10 pips or so then moved against you do not blame it, you should realize that it's possible to get 3 pips only in 1min chart and up to 10-15 on longer timeframes, that should be enough to build up profits.
The hit rate has been 100% for me. I am trading it with real money and big lots (kind of agressive style) and it's working neat so far for me. If a trade failed once, I have the guts to say it here.
I do not use SL, I exit at the closest point that puts me in profit at breakeven without allowing the RSI to free up the reading and do another steep move (that's so important)
- #35
- Aug 2, 2014 3:04am Aug 2, 2014 3:04am
- Joined Oct 2012 | Status: Trade Small, Win Big | 4,988 Posts
If you are good at something, never do it for free--Joker
- #36
- Aug 2, 2014 3:09am Aug 2, 2014 3:09am
- Joined Oct 2012 | Status: Trade Small, Win Big | 4,988 Posts
If you are good at something, never do it for free--Joker
- #39
- Aug 2, 2014 4:03am Aug 2, 2014 4:03am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
And this is my last post in this crappy forum. Thought I'd be a bit of help, but looks like the swing/position traders are doing their job perfectly here.. Goodbye all!
The only thing I suggest to anyone starting a new thread about an idea or method is to simply use the very disclaimer all trading associated entities use. You know, the old don't try this if you're new except on demo, trading is highly risky...bla bla bla.
That way, some of the more ... shall we say ... senior members who really do have the newbies best interest at heart (even though they go about it in rather harsh ways at times) will see that you do too.
There are so many new folks to trading and this forum who are just desperate due to economic conditions world over to provide or "get rich quick", we just have to keep that in mind as we go. I say, continue on and best wishes.
Ghost Rider - WWTBMD?