intraday trading setups using trendlines and RSI only

[syk1kz]

EURGBP - well overbought on H1 and below

[syk1kz]

took a small short, wont be holding long as i leave work very soon and i cant monitor these from home unless i setup TS 2.0 which i wont be doing anytime soon

 

http://imagefruity.com/images/06956318221947201557.png

[syk1kz]

i recorded my details and installed TS 2.0 im gonna check on this in a minute and post a screenshot, the software will hopefully draw the arrows since the short is still open, i hope

 

heh also my demo expired on MT4, this was not the vantageFX

Edited August 17, 2010 by syk1kz

[syk1kz]

ok i have opened a NO EXPIRE demo with alpari uk so this doesnt happen every month, that would not be good.

For those of you who actually followed the stats it was so so since i started this thread but thats the nature of forex, there is no definate and when we loose we must wait for the next potential setup and move on.

 

The account did finish doubled and with over 1k pips for the month, lets see if its repeatable.

 

http://www.myfxbook.com/members/syk1kz/alpari-uk-noexpire/45200

[syk1kz]

i am being lazy and using quiktrailing to set stoploss and takeprofit, everything else is disabled and it does not trade at all

 

it is a freely available trailing EA that is available on these forums, it is coded by a member from here so dont think i am using any type of trading EA as this does not place trades of anykind.

 

http://img826.imageshack.us/img826/1879/eurusd.gif

 

alternate lower trendline scenario, if this is indeed a new channel which it would appear so, but who knows

 

http://img38.imageshack.us/img38/8167/eurusdfp.gif

Edited August 18, 2010 by syk1kz

[syk1kz]

audusd good for some pips here, prob nzdusd audjpy would also be doing something similiar but i dont need to trade them all

 

http://img833.imageshack.us/img833/442/audusd.gif

[syk1kz]

usdcad M5 here, just to show how consolidated it really is, prime for a breakout

 

http://img807.imageshack.us/img807/4741/usdcad.gif

[syk1kz]

chfjpy

 

http://img266.imageshack.us/img266/9585/chfjpy.gif

[syk1kz]

that will do you should be able to get some pips out of these setups :)

 

i have had enough of charting for now - i am tweeting my trades live via myfxbook if anybody is interested send me a PM.

 

laterz

[syk1kz]

todays trades

 

http://www.myfxbook.com/members/syk1kz/alpari-uk-noexpire/45200

 

it would appear i was wrong about the other demo expiring, it just wouldnt connect until i loaded the login info into another mt4 client.

anyway here are the stats for that, it runs out in 10 days or so, i will mainly be concentrating on the alpari demo though as it does not run out, but lets see how far i can take that $100 :D

 

http://pipstealer.mt4stats.com

 

audusd almost there :)

 

http://img706.imageshack.us/img706/442/audusd.gif

Edited August 19, 2010 by syk1kz

[syk1kz]

im not posting in this thread anymore, mods delete it lock it or do whatever it is you wish this it.

 

if people want my intraday setups then they will have to PM me for info.

 

i will continue the longer time frame thread, but this one is dead to me - i dont think people were using it anyway so whats the point

[KelvinHand]

Hi syk1kz,

 

Not true. I am using it.

I was watching your USDJPY very closely.

I was correlating the John Hayden RSI note, it said that when in the downtrend, you will see the bullish divergence. you should wait to sell high.

 

A lot of puzzle of the RSI, and today finally see it move down.

 

You long on bullish divergence based on morning star in daily, too late, should look at doji and go into Lower TF and long.

There are no sign of trend reversal such as HH, HL and RSI range shift to break the previous trend.

 

RSI is a good indicator to use and give a lot of information then other

Edited August 19, 2010 by KelvinHand

[syk1kz]

Hi syk1kz,

 

Not true. I am using it.

I was watching your USDJPY very closely.

I was correlating the John Hayden RSI note, it said that when in the downtrend, you will see the bullish divergence. you should wait to sell high.

 

A lot of puzzle of the RSI, and today finally see it move down.

 

You long on bullish divergence based on morning star in daily, too late, should look at doji and go into Lower TF and long.

There are no sign of trend reversal such as HH, HL and RSI range shift to break the previous trend.

 

RSI is a good indicator to use and give a lot of information then other

 

The long usdjpy is part of the longer time frame thread which will remain active.

This thread is taking away from my better setups which will net more pips with less trades hense less exposure and less risk over all.

 

As per your comment above that my analysis entry was to late, or i waited to long to take the position, well i would have to somewhat disgree with you. Yes i could of entered of the 4hourly chart, but then consider this - i waited until the candlestick formation was confirmed on the daily chart and entered less than 1 minute into the next days candle. So how could i possibly enter any quicker if i entered 1 minute after the formation was confirmed on the daily chart ? it doesnt matter what timeframe you use 1minute after the fact is 1 minute after the fact. Now i get the impression you were just entering based on the doji candle, and if thats your trading style fine but that is NOT the point of the larger time frame thread and i do not enter based on dojis as they are simply telling you that there is some indecision, not that there will be a reversal. When i place a trade i want to see clear bullish or bearish signals which i clearly pointed out in my usdjpy post. Not all trades will win and i expect to loose more than i win, but money manegement is what keeps us profitable in the long run.

 

I do appreciate your input but this thread will stay postless from now on as i can make less and better trades for more pips in the other thread.

[wolaisisi]

maybe today will offer a similiar opportunity

[fxnubi]

Hi syk1kz,

 

Not true. I am using it.

I was watching your USDJPY very closely.

I was correlating the John Hayden RSI note, it said that when in the downtrend, you will see the bullish divergence. you should wait to sell high.

 

A lot of puzzle of the RSI, and today finally see it move down.

 

You long on bullish divergence based on morning star in daily, too late, should look at doji and go into Lower TF and long.

There are no sign of trend reversal such as HH, HL and RSI range shift to break the previous trend.

 

RSI is a good indicator to use and give a lot of information then other

 

Hi syk1kz and Kelvin,

Please suggest me any articles, ebook, forum or sites to learn more on RSI.

 

Regards,

 

Nubi

[KelvinHand]

Hi fxnubi,

 

These are the very in-depth ebook/audio that you can find here to learn the RSI, they teach Range Shift as compare to traditional 30/70 overbought/oversold, positive Divergence/Reversal:

 

1. http://indo-investasi.com/showthread.php/6132-Andrew-Cardwell-RSI-notes?highlight=cardwell

2. http://indo-investasi.com/showthread.php/2936-The-Relative-Strength-Index-(RSI)-Explained?highlight=cardwell

3. http://indo-investasi.com/showthread.php/4190-The-Complete-RSI-Book-By-John-Hayden?highlight=Hayden

4. http://indo-investasi.com/showthread.php/7925-Rsi-logic-book-by-walter-baeyens-100-mb?highlight=walter

 

 

 

This site is obsoleted, but give you the simple idea on how to draw trendline on RSI:

hxxp://[email protected]/showthread.php?t=148902&highlight=RSI+trade

 

 

Some easy articles on RSI /TrendLines:

hxxp://[email protected]/files/Trend_lines.pdf

hxxp://[email protected]/reports/moving_averages_pt2.pdf

hxxp://[email protected]/reports/Relative_Strength_Index_Report.pdf

 

hxxp://www.youtube.com/watch?v=3ghuYqooyN0

 

The rest you need above Price Action like what syk1kz is showing - trendline, price channel etc...

Edited August 23, 2010 by KelvinHand
add

[fxnubi]

Hi fxnubi,

 

These are the very in-depth ebook/audio that you can find here to learn the RSI, they teach Range Shift as compare to traditional 30/70 overbought/oversold, positive Divergence/Reversal:

 

1. http://indo-investasi.com/showthread.php/6132-Andrew-Cardwell-RSI-notes?highlight=cardwell

2. http://indo-investasi.com/showthread.php/2936-The-Relative-Strength-Index-(RSI)-Explained?highlight=cardwell

3. http://indo-investasi.com/showthread.php/4190-The-Complete-RSI-Book-By-John-Hayden?highlight=Hayden

4. http://indo-investasi.com/showthread.php/7925-Rsi-logic-book-by-walter-baeyens-100-mb?highlight=walter

 

 

 

This site is obsoleted, but give you the simple idea on how to draw trendline on RSI:

hxxp://[email protected]/showthread.php?t=148902&highlight=RSI+trade

 

 

Some easy articles on RSI /TrendLines:

hxxp://[email protected]/files/Trend_lines.pdf

hxxp://[email protected]/reports/moving_averages_pt2.pdf

hxxp://[email protected]/reports/Relative_Strength_Index_Report.pdf

 

hxxp://www.youtube.com/watch?v=3ghuYqooyN0

 

The rest you need above Price Action like what syk1kz is showing - trendline, price channel etc...

 

Thanks a lot Kelvin.

All d best to you.. :D

[KelvinHand]

Hi syk1kz,

 

"Now i get the impression you were just entering based on the doji candle, and if thats your trading style fine but that is NOT the point of the larger time frame thread and i do not enter based on dojis as they are simply telling you that there is some indecision, not that there will be a reversal. ...."

 

I learned from friends & courses that teach me this :

A doji means indicision ALERT, it had the possibility of trend reversal or continuation, you can look for MTF trend development. I not asking you to do doji without proper trend analysis. It also maybe you timezone you are not able to do it. I had encountered this situation before - the bullish candlestick can turn into bearish candlestick the next moment. Like this USDJPY case, morning star you entered, next moment become evening star.

 

I just merely provided you the 1st friendly advise, a doji is a good alert whether a shorter or longer term you want.

Why this doji happen? you should know, there is a key support at 2009/nov.

 

You had analysed Daily, Weekly, you should able to see the USDJPY is in a down trend channel. When there is no break out of upper channel and showing a High high and higher low above it, how can you long for long term ? I was merely provided you 2nd friendly advise.

 

You are using RSI to see bullish divergence and enter based on reversal candlestick pattern, I provided you 3rd friendly advise :-

According to Andrew Cardwell & John Hayden, a bullish divergence usually seen in the downtrend are normally bearish, you should wait to sell high.

 

I very appreciate your thread for learning whether the trade naked or trade with RSI, I thought you don't use RSI in the trade naked, so trying to ask you to continue. but I am sorry that i very disorganised with my writing that cause you misunderstood my meaning.

 

Today USDJPY break your stoploss 84.60, it nothing to you, your loss should be small out of so many trades, but it a big gain in knowledge to me in the learning of andrew cardwell techniques.

 

 

Regards...Kelvin

Edited August 24, 2010 by KelvinHand

[jamaljamski]

naked trading...i think it's the hardest but the best

[molahduitfx]

Still learning about RSI.. thanks

[Saif]

Hi,

 

Could someone please share Andrew Cardwell RSI Course.

[janina21]

I am also looking to mix trendline with other indicators.

[timo]

The problem with trend-line is that there are many. How do you know which is the good one? I am system trader but also interested in trend-line for risk management.

[Guest trading123]

Try al brooks

[normanmxw]

thank you!