Metatrader RSI Settings – A Simple RSI Trading System
I read online multiple positive and negative opinions. DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. The manual channel function is one of my favorite features…. Have used RSI to verify what price action is telling me, but not with 50 period low or high.
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Wasn't sure who to believe so I just tried it for myself. Happy that I did, I am gaining about pips per week on my live account which exceeds any other tool I use. Hope they continue providing updates and value for years to come. I am still using Forex Steam and I am happy to hear that the release of version 7 was just announced.
I had a tough couple of weeks but the last few months have been excellent so nothing to worry about. I plan on using the holiday filter and even the time filter to customize Steam a little bit more to fit my schedule and when I feel the market is going to be the calmest.
I find Steam works extremely well when there is very little movement so I try to monitor weekly expectations of the pairs I trade that week before setting it up. Keep up the good work. Sure you have your typical ups and downs but this is part of the process, anyone who is not seeing the same must be having user issues as the platform is bulletproof in my experience.
I have recommended this to many of my peers all of which are pleased. I never thought I could say this in the FX market but this actually works.
There was a point when I was using others and had almost given up on the whole process but then I figured why not I will give this Forex Steam my last shot and have never looked back. I am actually quite pleased with steam. I've used steam for just over 2 months now, and honestly I think it's the best E. I have been using Seam for about two month on my live account and three month on my demo account. Now, think about it, would I still be using it if it didn't make money?
So, I am not quite sure what the negative feedback is about, but what ever it is, I am sure guys behind the Steam can sort it out, just have to stick to what they say, or maybe someone is trying to damage Steam's reputation so that they can sell something of their own.
The strategy that they have built in to this robot is great and now Steam 7 is even better it takes care of bank holidays and news when the market becomes more unpredictable. I tend to follow the market my self as well and not leave it on its own, but I got to say Seam predicts the market very well. So far my live account grows every week. I have had losses as well, but that comes with trading which ever method or strategy you use. Also, got to make a habit of checking their website every day for new Steam updates and warnings about choppy market.
Keep up the good work Steam, I like the name as well it is awesome. Hi Guys just wanted to pop in and toss my 2 cents in the proverbial bucket here. Now,I have been a actively trading for over 17 years now and would be considered.. That said, this amazing tool has shed some new light and opened extended my trading options. First I am not a big fan of Bots or automation in general but this little program has mad me a believer.
Usually I'm a bit Leary about re recommendations but I decided to go live with their suggested broker and let me just say I was and still am extremely pleasantly surprised with the results. Now as with most things of this nature there will be a few set-backs but to date those are by far out numbered by the upside.
I recommended this product to several colleagues of mine both because I trust the product and to be honest and I hope they don't see this-lol Had a few questions and concerns in the beginning but this support team was right their to help me navigate through these minor issues and I want to thank them for that. You Guys are Awesome. This is the real deal! I'm running it live with their recommended broker and it pumps out winning trade after winning trade.
I am running the Steam Light version 6, using all default settings, and am NOT using some of the more advanced features that are available but am happy, happy, happy. In the next couple of months, I will be able to quit my job and just let Steam run. That's happy, boys and girls! For once, a product does exactly what it advertises.
It definitely has ups and downs but it has been consistent with the winnings. If the price is making lower lows, the oscillator should also be making lower lows. We have rules in place that will capitalize on this divergence so that we can make a significant profit. Keep in mind, that this step may take a bit to develop. It is very important to wait for this second low because it gets you in a better position to make a trade. Remember, that our example is a current downtrend looking to break to the upside.
If this were a 50 candle high, we would be looking for the exact opposite of this step. Once this criterion has been met, we can go ahead and look for entry because the charts are showing us that a reversal is soon coming.
You wait for the price to head in the direction of the trade and wait for a candle to close above the first candle that you identified that was previous 50 candle low. Save this picture for reference, if are struggling with this step. This will guide you when you look for a trade. To place your stop bump back time periods and find a reasonable level to put your stop that makes logical sense.
So you are looking for prior resistance, support. We placed our stop below this support area. That way if the trend continued and did not break it could hit this level and bounce back up in our direction.
I recommend you follow at least a 1 to 3 profit vs. This will ensure that you are maximizing your potential to get the most out of this strategy. You can adjust as you wish, but most good strategies that identify breaks of a trend use a 1 to 3 profit vs. Here you can learn how to profit from trading. If you have questions or comments about this trading strategy you may reach us at info tradingstrategyguides. For this strategy trading strategy, what is the best time frame use to calculate 50 candle for the step.
Please i need your advise. For the strategy, i did use my own strategy by changing the indicator setting. I am using 2 period setting , 5 and maintain the 14 period. I add in the level from 70,60,50,40 and The 5 period mark yellow and 14 mark blue.
The 5 period will show the entry buy or sell when crossing the 14 from bottom or down. Again the level 60 and 40 will indicate to open buy or sell. I just add in to my chart the currency strength power indicator and make a decision to enter trade base on the current strength.
But your strategy is something additional knowledge to me and many thanks to you for this strategy and can be very useful in my daily trade. In my point of view the most important feature of the indicator is to predict with high percentage of accuracy of the reversal point or zone either over bought or over sold. I really think that this indicator will be extremely valuable because in my experience reversals are one of my most profitable trades and I it can be a real pain trying to find it on the charts, this is exactly what I have been looking for.
Its always a pleasure hearing from a professional trader! An indicator which shows the supply and demand zones in all timeframes but especially the longer ones would really be useful. Four hour, Daily, weekly time frame reversal trades are huge! We have back tested the indicator and it did show us great trade entries and exit points.
For me any good indicator needs to provide reliable forecasts. But if you have a system with a strict set of rules you follow that more often then not will produce profitable trades, then you are on the right track! People in nature over think and over complicate things. Trading can be simple but some common sense has to be used. Price action is king which is proven over and over again. A great development from a great company. Our philosophy is to make things more simple then what they need to be.
We hope our indicator will make peoples lives easier when searching for reversal trades. I am a new trader and at times one is so confused with so maby stratrgies out there. I have however enjoyed reading this strategy you have posted here.
Am going to change my settings to see if I understan it. Regards Shads shadtrans gmail. Hello there, Ineresting article! But I still find the strategy somewhat complicated. Well, why count till to 50 bars and what is the logic behind this?
Then, why not 20, 15, 30 or so…? Did you bactest it or trade it live? Please let me know. This line will always stay on your chart 50 candles back so there is not a tedious process of counting candles all the time. To answer your question about why we chose 50, the last 50 candles are still meaningful on your charts on any time frame. Well Oteng, if there ever was an indicator that can do that, I tell you human traders would be obsolate or never needed again in trading.
Or still the banks and big institutions with the money will still get their hands on it and put a way premium price on it to make it impossible for retail traders like you and me to get it. Keep the comments coming guys! Remember we are giving away access to three of these special indicators on friday! Everyone who has commented so far is entered into the contest!
When the bar closes — no more repaint. No signals 3,7 or 10 bars back. Easy to spot simple chart. If additional filters is needed, then why not let the indicator do the work and only show the good signals?
If it works on all timeframes and all markets it is also good. To put it short: I want the indicator to do most of the calculations for me. So are the RZs based on that? I also liked your fractal strat. Thanks for all the great ideas. Whichever one comes first. You need to have both elements high the last 50 candles or low the last 50 candles coupled with divergence in price action with the rsi to meet the rules of the trade. Then obviously make the trade when the price action goes above or below that first identified candle.
With regards to previous comments about win rates, the Holy Grail is not the win rate but it is the Money Management. I like the clarity of your presentations, keep up the good work. Thanks, great advice Graham! Without properly managing your money, you are doomed to fail at the start. Hi thanks for all your great strategies, I am now finally starting to make some good profits this last 3 weeks keep up this excellent work.
We selected you to receive a free EFC indicator! Contact us at info tradingstrategyguides. Looks interesting, and I look forward to learning more on Friday. Seriously, if a strategy is too complicated, it just will not get used. Better to trade a simpler system repeatedly, even if it means the returns are not quite as good as the really complex system.
Right… no need to over complicate things. God Bless you richly! Is there a way to show on the charts the last 50 periods. Even a line that is plotted 50 periods prior and moves along as each period moves forward. Also, has anyone tested as to which timeframe this strategy works best for. Combining reversals with a look back for previous market tensions is good. One vital feature for an indicator is that used profitably and frequently the price action it is revealing to the user becomes so familiar that you learn to read the market without the indicator.
You asked what I would like in an indicator? There is no Holy Grail as most already know, but something that would create a solid indication of where to enter and exit a trade, along with it confirming a trending market. Although what I would REALLY like in an indicator is a two armed, two legged one that would mentor me — helping me to be much more confident when I pull the trigger and not dither like my nana, and when to bale on a trade, and to walk with me as I trade for a period to guide me in my approach.
To make me a professional trader and not a wannabe trader. How can I bolt one of these onto my MT4? Cup of tea anyone? Hello, strategy is built on simplicity, which I personally prefer. Definitely I try tomorrow, looking forward to the novelty will be interesting: This looks really good. Just what a newbie needs to improve understanding and results, Thank you for your efforts.
Love the strategies you guys post this 80,20 strategy is very simple to apply and wit a little patience to wait for the rules to be met i can see this strategy can be very profitable. Thanks guys for taking time to trace. Looking forward to reviewing your new to be released indicator. You have a good track record of putting out good easy to understand strategies that are profitable. The bar is set high! I am much more interested in lower drawdown rather than a high winning percentage.
I prefer to trade daily and 4 hour charts. How well does your indicator perform on these historically? Settled on a few custom ones via ThinkorSwim. What I like about this EFC indicator is it seems to incorporate candle coloration of a temperature kind. Follows a logic hot to lukewarm to cool.
This is just the strategy of trading that I recently stumbled upon as I examined several chart formation and changes in trend both short term and long term.
Your indicator will serve a great purpose of automatically finding those spots of change and making trading a delight that it should be! I look forward to trying it. Australian regulator ASIC is totally toothless and disinterested in retail trader scams. Oh yes I remember that group. Terrible to see that happen, hopefully some of the traders were able to continue and find success in your trading.
Really looking forward to getting this indicator. Just one question relating to last 50 candles, I presume it is last 50 or more candles and not necessarily exactly 50 candles back?
Very grateful for all the great training! Best to keep the non-strategy candles and chart features as monochromatic i.
Ok — I jumped in and bought the indicator — it looks just like the example below. Also the TP line is not always visible on the chart while the trade is in progress…. I think you have a great informative site, so keep up the good work but the proof is always in the pudding.
RSI is a simple indicator. With your trading strategy, it will be good to develop the system rather than manually plotting and looking at the conditions. I like this strategy just what I have been looking for thanks very much for your hard work. It will show me very clear where my destination is. For good and sharp entry, i need a firm and precise momentum indicator. Combination both of these will definately give me a very good trading strategy.
For RSI, i rely on this setup:. It seem this system have both of it. And been translated into much more easier and friendly way for any type of trader. It just that as an additional, these system need to be equipment with any other supporting trend indicator in order to identify the market is trending or ranging.. As for myself i use MA Channel to support this trading system. I have 2 suggestions for indicators, the first would be an addition to EFC of coloured box which measures back 50 periods and set to max min price for that 50 period rather like price channel does although not chopping around like price channel , that box could then indicate a potential breakout of price action with the aid of a spot or arrow or change of bar colour.
I also like the idea of keeping non essential bars of neutral colour. I think the main indicator i would to have available for MT4 is market profile based on volume showing the POC and min max of key price area.
Watched a wonderful demonstration of this yesterday in a webinar but it is not designed for MT4. It can weigh up all the factors and give a suggested probability rating so the trading can decide on his own whether or not to be conservative. I have been using a similar rsi divergence strategy, The EFC indicator you have created looks very interesting.
R levels, entry points aggresive when change to blue , conservative when crosses 50 bar line , last bar count adjustment and that a multi time frame alert to your mobil be available. Finally, some divergent patterns are more stronger than others, so maybe an indication of the divergence strengh, especially if the upper timeframes are in divergence.
Again, the EFC indicator looks very promising, just shared my thought of it could be even greater for my personal use. Thanks for the good work. Much gratitude for this beautifully simple and straightforward reversal strategy, very clear and easy to follow explanation from start to finish…. I want an indicator to be consistent. Once an indicator fails to be reliable, it is doomed for me.
But if it is reliable, I trust it and it becomes a valuable asset. You only have to set lot size and put it on auto trade. This way, it can enter the trade and then send you an alert of trade entry, and you can then look at it and set your stop loss, trailing stop and take profit levels. Alternatively you can indicate take profit and stop loss levels in terms of percentage or pips as well as the lot size lot. This will really be cool. In this way we are able to begin the analysis and wait for proper entry in advance.
The most important feature for me would be to get consistent results under all market conditions, i. Have used RSI to verify what price action is telling me, but not with 50 period low or high.
Fakeouts are a big problem. What I look forward to seeing on an indicator is one that would be able to help me avoid chop, Most indicators are able to get one into or out of trade but are just dumb when it come to market chop.
So my ideal indicator would be able to give me warning of the beginnings of a chop. I personally enjoy Simple graphical type indicators like arrows and bars changing colors to tell me which way to take my next trade.
I am grateful for your Trading strategy guides RSI divergence strategy. It is a no holy grail but coupled with a sensible money management and understanding of price action, it definitely indicates the picks and troughs of the rhythm of the market. My advise is, even when there is a confirmed divergence between RSI and price, buy signals in an uptrend and sell in a downtrend. Thanks for educating us. I have been back testing this strategy for the last week.
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The indicator triggered this and showed two great buy entries! One from the previous break of the channel and the second on the current breakout of this channel that was plotted for you.
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