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Rsi Breakout
Dec 15, 2009 at 12:41
Use S/R along with RS. I like using S/R of the RSI along with divergence.
It was looking weak around the 1.4600 level so I placed my order, got filled but saw a little drawdown. Finally broke. Think we may see 1.4500. The RS is at 21 on a 3 hr chart. 16 is the low since we made that break from the 1.5100 level.
It was looking weak around the 1.4600 level so I placed my order, got filled but saw a little drawdown. Finally broke. Think we may see 1.4500. The RS is at 21 on a 3 hr chart. 16 is the low since we made that break from the 1.5100 level.
Dec 15, 2009 at 12:50
i used to trade exactly with the same setup - s/r + rsi + divergence, but it seems that it only works well in ranging markets. in trending markets you have a 50% expectancy of being right.
would love to see a chart or two of your trade setups though 😄 - maybe you utilize your system in a different way than i did.
would love to see a chart or two of your trade setups though 😄 - maybe you utilize your system in a different way than i did.
Sleep is for the weak.
Dec 16, 2009 at 00:59
(edited Dec 16, 2009 at 01:13)
I shorted @ 1.4525 and got out @ 1.4505. Sometimes they do not like to get to the even #'s so I put my profit a little above to make sure. I am wanting to short @ 1.4525 again. I think we may go below there. Gonna try to take about 20 pip profit.
Dec 16, 2009 at 12:05
(edited Dec 16, 2009 at 12:06)
starting to sell gbpusd.
checkout my chart - the green channels are still active, the red ones are dead.
will sell the gbp at the next resistance.
currently there are no set stops. as i believe the trend changed, we might still see the price going back to the ~1.66 levels. will see how it will progress, and will be ready to close it if i'll change my mind.
it's the daily chart by the way.
checkout my chart - the green channels are still active, the red ones are dead.
will sell the gbp at the next resistance.
currently there are no set stops. as i believe the trend changed, we might still see the price going back to the ~1.66 levels. will see how it will progress, and will be ready to close it if i'll change my mind.
it's the daily chart by the way.
Attachments:
Sleep is for the weak.
Dec 17, 2009 at 07:48
the trade is developing nicely.
on the 4 hour i can see the price making lower-lows, and lower highs which should point to a strong down-move.
next target is the support at ~1.6165, then it should head to the ~1.60 levels.
on the 4 hour i can see the price making lower-lows, and lower highs which should point to a strong down-move.
next target is the support at ~1.6165, then it should head to the ~1.60 levels.
Attachments:
Sleep is for the weak.
Member Since Jan 05, 2010
88 posts
Jan 06, 2010 at 10:10
Biz, I think traders are still trying to create a fresh trading plan for 2010 and not sure which way to go yet.
Patience is a virtue.
Jan 11, 2010 at 13:29
(edited Jan 11, 2010 at 13:29)
ok, here we go, my first trade for 2010!
trying a short on the gbpusd (daily chart):
no target or stop loss is set yet, i'll see how it develops and will decide accordingly.
trying a short on the gbpusd (daily chart):
no target or stop loss is set yet, i'll see how it develops and will decide accordingly.
Attachments:
Sleep is for the weak.
Jan 22, 2010 at 11:52
(edited Jan 22, 2010 at 11:53)
here's the missed trade in the eur/usd:
1. should have sold at that point. was away when it happened..
2. the trend is clearly down now, proceeding in the downward channel.
3. price might retrace back to the original channel (support becomes resistance), and if it does, it will be an excellent level to sell again.
1. should have sold at that point. was away when it happened..
2. the trend is clearly down now, proceeding in the downward channel.
3. price might retrace back to the original channel (support becomes resistance), and if it does, it will be an excellent level to sell again.
Attachments:
Sleep is for the weak.
forex_trader_7
Member Since Aug 01, 2009
895 posts
Jan 24, 2010 at 14:18
I'm long....
Jan 27, 2010 at 19:55
(edited Jan 27, 2010 at 19:56)
ok, here's a good setup in the usdjpy - this is a pair i didn't trade for a long time, so i'm interested to see how it plays out:
starting to buy at the first point, will continue to buy at the second point.
as you can see in the chart, the daily channel was broken, and now the resistance becomes support - the prices "rests" on the channel, just before continuing its new uptrend.
starting to buy at the first point, will continue to buy at the second point.
as you can see in the chart, the daily channel was broken, and now the resistance becomes support - the prices "rests" on the channel, just before continuing its new uptrend.
Attachments:
Sleep is for the weak.
