The "XO"-Method......... - page 103
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Hi ValeoFX,
Thanks for the very helpful insight into your trading. I have a few further questions. In #1 and 2 the price is too close to the 300EMA (<15 pips) and you stayed out, yet in #4 price was on or had broken the 300. Where you waiting for it to break through the 300 before taking the trade? What is too close to the 300 for you to take a trade? In reference to the 300 you don't take trades into the 300 but away from it is fine right?
When you entered on #4 after the RSI and CCI came back from being overheated, what let you know that this was a safe trade in the opposite direction of the last 5 bar 30 pip upward move? How are you able to determine that this is a good trade soon enough into the move to get in? Did it have to do with the Stochastic being overheating at 75, or the bounce off the 100EMA? I'm never really sure if it is a retracement or a change in direction, and usually pick the wrong way.
Sorry for my chart, I've been trying different indicators and things, and will only post your template from now on. From the looks of it, they are probably messing me up more than helping. My charts are 1 hour behind yours.
Thanks
Tim
Reply to your questions inside your message........
Hi ValeoFX,
Thanks for the very helpful insight into your trading. I have a few further questions. In #1 and 2 the price is too close to the 300EMA (<15 pips) Don't forget the spread so it could be 5 pips as standard and therefore you are willing to trade for 10 pips. That is not how I trade, but you may of course want to do that.and you stayed out, yet in #4 price was on or had broken the 300. Were you waiting for it to break through the 300 before taking the trade? Yes, I was because the 300 represents the 25_EMA on the HOURLY_Chart and that is very, very significant!!What is too close to the 300 for you to take a trade? In reference to the 300 you don't take trades into the 300 but away from it is fine right? If the 300 is far enough and that depends on your style of trading, I do trade towards it, knowing full well that it may either bounce off it or it may bounce and go through and if the momentum is strong, go straight through it.
When you entered on #4 after the RSI and CCI came back from being overheated, what let you know that this was a safe trade in the opposite direction of the last 5 bar 30 pip upward move? Purely based on the CCI where the "T" overheated without the Trend-CCI breaking the Zero-line and the RSI very clearly showed that the trade was acceptable.How are you able to determine that this is a good trade soon enough into the move to get in? Keep your eyes on the CCI and RSI in combination, but the CCI is THE one to tell you. Also, the overall DIRECTION was still SHORT, so it was a "no-brainer"Did it have to do with the Stochastic being overheating at 75, or the bounce off the 100EMA? I'm never really sure if it is a retracement or a change in direction, and usually pick the wrong way.
Sorry for my chart, I've been trying different indicators and things, and will only post your template from now on. From the looks of it, they are probably messing me up more than helping. My charts are 1 hour behind yours.
Thanks
TimTrust this helps a little, if not let me know. Best wishes.
Thanks
Thank you for taking the time to explain things to me! You definately go above and beyond the call of duty in trying to help people! I'll try and keep these things in mind when trading.
Tim
Rsi-3 ..........
It has to come to my attention that "certain" traders or "would-be-traders" are saying that by using the setting of 3 on the RSI, one could rather do without the indicator as "PRICE" (NB) is a better indicator of the direction.
Let me assure you, most of the indicators were well-planned and are giving excellent information whereas with the price itself, you have no clue as to where it may change direction.
Both the CCI and the RSI are such indicators and lately, the XO and a large number of others. (too many to mention here)
So, please do not be put-off by such rumour-mongers!! Trade the settings and you will see for yourself.
I am working on levels for the RSI to see if we can improve the entries with regards to the RSI and XO_signal and I will post it a.s.a.p. for I have missed-out on an entry or 2 when I misread the position of the RSI in relation to the XO_signal.
Wishing you all a wonderful weekend.
ValeoFX
Maybe should consider starting a new thread for this new system.
Valeo - You work so tirelessly and selflessly that I hate to ask such a thing, but I'm having trouble understanding this method due to coming in to this method late. I've read through the first post several times, post #998 and the first 20+ pages (unfortunately those seem largely to refer to indicators that are no longer used). Is there a certain page of this thread I should start reading from instead? Are there individual threads that explain how to read these different indicators?
If you are willing to at all, what would help more than anything would be a few marked up charts with your new template that just says briefly how to read each indicator (or maybe points to a place where that indicator is explained). Am I understanding correctly that all the indicators are like a simple 'Yes/No' reading apart from the CCI which uses Woodie patterns?
Thank you again, its really amazing how much selfless work you put into this to share with the community, I hope to be more of a helper like you in the future.
'
edit: Sorry I might have been a bit premature, I'm pretty sure my screen looked a lot different than the screen print in #1017 and #1021 (I'm not at that computer now) with the dots on the RSI being all over the place.
One thing I definitely don't understand though is why there are arrow signals on the Hercs Stochastic? From your screen prints & explanations you don't seem to necessarily follow them?
Also, in Post #1007 you refer to a screen print in #1002 but I don't see anything there--is there another post you're referring to?
Is there an EA for this system?
Thanks
Is anyone else having this problem, my rsi dot indicator looks completely different. I've tried reloading it a few times now and don't know how to fix it.
Thanks to anyone who can help
Is anyone else having this problem, my rsi dot indicator looks completely different. I've tried reloading it a few times now and don't know how to fix it. Thanks to anyone who can help
There should be 2 indicators, RSI (red color line) and RSI_DOTS (gold color dots).
Looks like RSI is missing.
rsi 3
Hi,
Valeo is spot on with the rsi 3 setting, quite often this indicator will get you out of bad entries, I think this has been a wonderful addition to this great system.
thanks to Valeo.
regards,
Trader