Updated version of DOUBLE RSI here: http://crystal-markets.blogspot.com/2012/03/double-rsi-beta.html
Crystal Markets
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I was asked to filter this trading plan:
The system is almost 100% accurate with backtesting, but trading life
is kindoff different.
Time Frame: 1hour
CURRENCY PAIR: Eur/Usd Gbp/Usd any other
Indicators: RSI with Period (2) placed on RSI with Period (12)
To setup rsi simply place the rsi(12) on your chart normally then drag
the rsi again and place it on top of the rsi(12) and enter the setting
of two.This works in MT4 platforms.
RULES:
*Enter Buy When Rsi(2) cross Rsi(12) from below and heading upward
*Enter Sell when Rsi(2) cross Rsi(12) From above and heading downward.
Take Profit:20 pips
Stop loss: 30pips or Swing High /Low
BUt sometimes you catch up with really big trends.(when i suspect a
big movement i use a trailing stop with a high tp)
This system has so many potentials because it can be used on 5mins,
10mins,15mins,1hour,4hours and daily chat with eur/usd and Gbp/usd.
Hence i need experts like you to look into it and make recomendations,
with refrence to how i can filter the fakeouts.
Sometimes the rsi cross would occur but before the candle formation
finishes the cross would dissapaer.
is kindoff different.
Time Frame: 1hour
CURRENCY PAIR: Eur/Usd Gbp/Usd any other
Indicators: RSI with Period (2) placed on RSI with Period (12)
To setup rsi simply place the rsi(12) on your chart normally then drag
the rsi again and place it on top of the rsi(12) and enter the setting
of two.This works in MT4 platforms.
RULES:
*Enter Buy When Rsi(2) cross Rsi(12) from below and heading upward
*Enter Sell when Rsi(2) cross Rsi(12) From above and heading downward.
Take Profit:20 pips
Stop loss: 30pips or Swing High /Low
BUt sometimes you catch up with really big trends.(when i suspect a
big movement i use a trailing stop with a high tp)
This system has so many potentials because it can be used on 5mins,
10mins,15mins,1hour,4hours and daily chat with eur/usd and Gbp/usd.
Hence i need experts like you to look into it and make recomendations,
with refrence to how i can filter the fakeouts.
Sometimes the rsi cross would occur but before the candle formation
finishes the cross would dissapaer.
MY RECOMMENDATIONS:
Because you will see a lot of whipsaw and when the short RSI closes across the long RSI you would have missed a lot of good moves.
You need to add default fisher. If you are trading the 60min for example: When fisher is green (BUY) wait for 2 RSI to go below the 12 and the fisher still BUY in 1hr and 4hr then look for BUY entry. I trade one BUY per one set of 1hr green fisher. The chart below shows example of 2 BUYs and 1 SELL. Please leave a comment here if you have questions:
I use the RSI (5), RSI (8), Stoch (15,3,3)
ReplyDeleteon any time frame
Kind
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Deleteyeah as long as you are keeping your acct in business, its fine
ReplyDeleteYANK U BUT WERE OS THE PROGBAM???
ReplyDeletei dont get your question please, try to be explicit
ReplyDeletehello i want ti now when i can daonload this system :-))))))
ReplyDeleteYou can just ready it on this blog and apply it on your MT4
ReplyDeleteahhh ok tankks
ReplyDeleteLet me start by saying thank you for taking a look at this system.
ReplyDeleteI am still trying to understand your recommendation. Do you mean that i should enter a buy only when 1hr and 4hr fisher is green and rsi(2)crosses rsi(12)from below. Please if different let me know
Yes, then the fisher in 4hr and 1hr is BUY then wait for RSI(2) to go below RSI(12) this is a sign of retracement. Let the candle close the stage a buy with a 5min strategy for entry if u have one.
ReplyDeleteFor those of you who problem using Fisher indicator you could use the StochasticHistogram with default setting instead.
ReplyDeleteHi, I am Rafee from India , I liked your strategy. I have a small suggestion , instead of fisher can we try MACD. Want to know that have you tried MACD or let me try.
ReplyDeleteTry this on a Renko chart, box size 5. Works wonderfully!
ReplyDeleteHappy trading :-)
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ReplyDeleteNice trading system for scalpers.Long term traders like us cannot imagine anything like 20 pips profit and we don`t consider 30 pips as a stoploss at all.Thanks for the post.
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