Well one more good trade for the week. I haven't traded very much this week but when I have they have been pretty good.
Start Winning - Trade the Current Trend
- #473
- Jan 4, 2017 4:19am Jan 4, 2017 4:19am
- Joined Jun 2015 | Status: Zen :-) | 1,185 Posts
Indentify > Plan > Accept > Execute
- #474
- Jan 4, 2017 4:30am Jan 4, 2017 4:30am
- Joined Jun 2015 | Status: Zen :-) | 1,185 Posts
{quote} settings MA? how I can deliver blue and red color? Thanks!
1. Attach your RSI to your chart.
2. Insert a rectangle in to the RSI window.
3. Open the rectangle properties and set the parameters to highlight the levels you want and change the year for the start and finish of each rectangle.
Indentify > Plan > Accept > Execute
- #475
- Edited 5:01pm Jan 4, 2017 5:22am | Edited 5:01pm
- Joined Jun 2015 | Status: Zen :-) | 1,185 Posts
Here is a new RSI Dashboard that I have been working on. (Edited screenshot as Timeframes on left were in wrong order on 1st screenshot)
It uses the same indicator twice.
Right Dashboard - (trend direction)
EDIT:
I found a problem with this dashboard (but I have a fix).
If like me you put it on a Monthly chart it won't update for a month! If you want it to update every minute then put it on an M1 chart. Every 5 mins then put it on an M5 chart etc.
I put it on a Monthly chart so my verticle line and rectangle wouldn't keep disappearing to the left. Also I don't really want it updating every minute or even every 5 mins. I want it to update just before I look for anopportunity and then freeze. To achieve that you can simply change the TF just before you look at it, even if you change from Month to week it will update. The easiest way to do that is to add the symbol changer to the chart as I have done here and click it before you look.
It uses the same indicator twice.
Right Dashboard - (trend direction)
- Set to 21 RSI to show main trend on each TF
- Colours - green above 50 level. Red below 50 level.
Left Dashboard - (pullbacks)
- Set to 3 RSI to find pullbacks.
- Colours - Green Oversold (possible Long opportunity). Red Overbought (possible short opportunity).
- Position = TL (not TR).
- Timeframes reverse order from right side ofdashboard.
Other features
- Yellow dotted verticle line separates the 2 dashboards.
- White rectangle is for ease of viewing individual pairs. Just slide up and down.
I have adjusted the other settings to suit me (font, font size, position). I can't upload a template because there are issues with the numbers and letters transferring from the mother template on to any new template.
Practacle use
- At a glance identify same colour on same TF on each side of the Dashboard. Green right = Uptrend. Green Left = Oversold = Buy opportunity.
- You can start on the left by looking for 3 RSI OS or OB and then look right to see if the if it is a counter trend pullback or not.
- Or start right by looking for a strong trend on several TF and then look left to identify a pullback and potential opportunity.
- Once an opportunity is identified, open the relevand chart and TF and conduct proper analysis.
EDIT:
I found a problem with this dashboard (but I have a fix).
If like me you put it on a Monthly chart it won't update for a month! If you want it to update every minute then put it on an M1 chart. Every 5 mins then put it on an M5 chart etc.
I put it on a Monthly chart so my verticle line and rectangle wouldn't keep disappearing to the left. Also I don't really want it updating every minute or even every 5 mins. I want it to update just before I look for anopportunity and then freeze. To achieve that you can simply change the TF just before you look at it, even if you change from Month to week it will update. The easiest way to do that is to add the symbol changer to the chart as I have done here and click it before you look.
Indentify > Plan > Accept > Execute
- #477
- Jan 4, 2017 6:50am Jan 4, 2017 6:50am
- Joined Jun 2015 | Status: Zen :-) | 1,185 Posts
{quote} Thanks for sharing Wizlon32 ! Could you please share the template to get the same look as your screenshot.
Indentify > Plan > Accept > Execute
- #480
- Jan 4, 2017 8:13am Jan 4, 2017 8:13am
- Joined Jun 2015 | Status: Zen :-) | 1,185 Posts
{quote} Hi Wizlon, Happy New Year to you and all here. I agree with you that the changes and tweaks you have made to the system have evolved for the better since your original post #1. I am not sure about it causing negativity though as I think improvements in a system can only be a good thing. Each improvement may just help traders to see things more clearly. Some of the large threads here on FF, such as PVRSA or TMS for example, do evolve somewhat over time and I think when traders, especially experienced traders, regularly post charts with explanations...
Entries are still based on the 3 RSI, but I am prefering the OB/OS levels instead of the 50 level.
I am not using any other RSI on my trading chart but I am using my dashboard to spot trends and opportunities.
I am using just the 34 EMA on my chart. No others for now. It simply changes colour to display direction or slope. Top right is 34 EMA Dashboard.
I am using channels to keep me trading in the right direction. Any of the standard MT4 channels - I just try to use the one that fits best at the time.. The one on this chart is a Fibonacci Channel but the levels are set to 1,-1,2,-2,3,-3.
The RSI Alerts Indicator I got from here some time ago. http://www.daxtrader.co.uk/rsi-indic...ert-and-email/, but it doesn't appear to be available anymore.
I took this trade a couple of hours ago before that bearish engulfing candle closed but I am not feeling too confident about it now so I have pulled my SL in tight.
I will share indicators and a template when I have more time for those that want it.
Indentify > Plan > Accept > Execute