An Interest Use of the RSI indicator–RePost
October 18, 2008
This has to be the most read post on this blog, so I’m reposting it.
If anyone is interested in the coding for this indicator, you can contact me at:
bfamedia@live.com
Please be advised, its not free, it costs $39.
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To me RSI studies are the best to see what’s happening to trends, underneath all the noise. I like to use RSI studies on longer term charts, Dailys, 4HR, 1HR, no less. I just find it more accurate in those time frames.
We’ve played around with some TradesTation coding languge and have come up with a combo of the traditional RSI and Bollinger Band studies that we often use……………see below:
Click on the image to make it bigger.
Remember that what you are looking at is just one tool, and you should never rely on one study. You need other studies to confirm signals. The RSI indicator used here in this study has been somewhat customized
This particular twist on RSI and Bolli Bands gives signals as follows: (the thick BLUE line represents an RSI reading of 50)
To go Short you want the RSI (the white line) to cross below the green low Bolli band AND the green low Bolli band must have a value > 50 when this occurs………thats the only short signal we take from this study.
You can see that this study poduced a sellshort signal on July 23, 2008 for the EUR/USD. tHE CLOSING PRICE FOR THAT DAY WAS 1.5697
To go long you want RSI (the white line) to cross above the RED hi Bolli band line AND the RED Bollo band must have a value < 50
Like I said above this is a signle study and its data needs to be comfirmed by other studies, but is does at least give you an idea of when RSI,not price, is begining and new trend, and catching trends is one key to FX trading.
DAILY FOREX TRADE SIGNALS
October 6, 2008
10/06/08
LONG EURUSD @ 1.35286
STOP 1.34286
TP OPEN
LONG GBP/USD @ 1.74511
STOP 1.73251
TP OPEN
SHORT USD/CHF @ 1.14646
STOP 1.1600
TP OPEN
HUGE FOREX TRADING LIBRARY
October 6, 2008
i FOUND THIS SITE WITH SOME VERY GOOD FX ARTICLES, JUST REMEMBER, SOME OF THIS STUFF GOES AGAINST SOME OF OUR ANTI AUTO TRADING AND MARGIN PHILOSOPHY BUT ITS STILL WORTH LOOKING AT. iTS ACTUALLY PART OF A 32,000 PAGE ONLINE ARTICLE LIBRARY COVERING DOZENS OF SUBJECT. THE LINKS TO IT HOWEVER ARE JUST FOR THE TRADING SECTION.
CLICK HERE
DAILY TRADE SIGNALS
October 5, 2008
NO SIGNALS GENERATED TODAY
WE ARE STILL IN 3 OPEN POSITION. WE WERE STOPPED OUT OF OUR EUR/USD LONG FOR A -122.2 PIP LOSS
Daily Trade Signals
October 2, 2008
10/03/08 01:01 GMT
LONG EUR/USD BELOW 1.3850
STOP 1.3690
TAKE PROFIT 1.3985
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SHORT USD/CHF ABOVE 1.1300
STOP 1.1420
TAKE PROFIT 1.1955
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LONG GBP/USD BELOW 1.7700
STOP 1.7540
TAKE PROFIT 1.7900
*****************************************************************
SHORT USD/JPY ABOVE 105.00
STOP 106.60
TAKE PROFIT 103.25
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DAILY TRADE SIGNALS
October 1, 2008
10/01/08
THERE ARE NO SIGNALS GENERATED AT THIS TIME
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