hi biz0101, we keep bumping into each other lol, nice rsi system idea, ive recently developed my own system, i designed based on very strict trading rules. my system uses the RSI with custom settings, equidistant channels and price action, also i grid position trades within a 70% range of daily hi-lo's with a max of five grid positions, so the death trade(5th) hits profit but only by 5-10 pips, strangely it is working in trending markets very well (so far).
even those who use EA's, many slam robots, but after all, these robots simply follow trading rules that someone somewhere used manually and programmed it to automated. hehe the trick with robots is you still need knowledge,discipline and patients and of course still manage the automated trades, it just means less time sat at the pc.
i think the penny drops or, in most cases never does, hence why a few make it in forex, basic set of indicators,trust them and yourself,discipline and lots of patients and persistence = trading success with time.
yes i agree with you, seems like people think there is a magical set and forget it robot, which will make them rich in no time. due to the dynamic nature of markets the program should be tweaked to keep it ahead of the market.
your system sounds as if it's uses to many filters..how many trades does it produce weekly? i bet no more than 5. had some experience with equidistant channels, but found them to be too lagging, they just change after the trade has opened, so couldn't make good use of it.
i would program my system if it was possible, but it's just too discretionary - it would be very hard or next to impossible to try and program this.
last setup failed, but as we all know they can't be all winners.
here's a setup that actually played out well.
the same 4h chart, price hit the major support and bounced back.
<a href= target='_blank'><img src= /></a>
check the breakout, the rsi resistance is penetrated before the resistance on the actual chart - this is exactly what i'm looking for. Again notice the divergence in the same timeframe (which indicates a stronger signal).
with a risk:reward ratio of 1:1, this trade would have been a winner.
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