Help About RSI

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hello traders..

i just start to trade in forex .so when i start trading i read somwhere that the best chart is RSI coz it is so simple .when the trend touch 30 line or below u buy and when it touch 70 or up u sell ..

i used that strtegy and i was earning alot of mony but recently i strat lossing mony..so what i want to ask:

1-is that good stragety?

2-which time peried is good to this stragey ..i mean the time(1minut chart?-5 minut chart?-15minut chart?-30 mint chasrt)

3-is there any other stratgy?

4-is there any vidoe tatorial i can get from any web site ?even if had to purchase it?

plz any one can answer me coz i dont want to loss my mony

have a nive day of profits

 

Hi mate,

You know forex is a little more complex than most tend to think and to be able to succeed it it, you will need, not only a good strategy but also the right knowledge, a good money management and trading discipline. What I will suggest you is to take your time and start learning. You will find lots of stuffs and resources on this forum itself.

Take your time to browse the forum and you will see that many strategies are being discussed and developped. Also, you asked about timeframe, as you are just starting, I dont advise you to trade any timefram lower the the 1 hour timeframe because all these lower timeframes have too much noise and whipsaws which can discourage you fro0m trading forex. Trading on the H4 is even better and simple strategies works well on these higher timeframes.

I wish you all the best in your endeavour.

khubaib:
hello traders..i just start to trade in forex .so when i start trading i read somwhere that the best chart is RSI coz it is so simple .when the trend touch 30 line or below u buy and when it touch 70 or up u sell ..i used that strtegy and i was earning alot of mony but recently i strat lossing mony..so what i want to ask:1-is that good stragety?2-which time peried is good to this stragey ..i mean the time(1minut chart?-5 minut chart?-15minut chart?-30 mint chasrt)3-is there any other stratgy?4-is there any vidoe tatorial i can get from any web site ?even if had to purchase it?plz any one can answer me coz i dont want to loss my monyhave a nive day of profits
 

It's a good strategy but not forever. The idea is buy while it's oversold and sell while it's overbought. The problem is price can go down even it's oversold and go up even it's bought; there's nothing to stop the price.

Timeframe is chosen for your trading style. If you want to trade several times a day, use 15M or 30M. One trade per day, use 1H. One trade per week, use 4H or 1D.

I used this RSI system when I was beginner. Later use RSX since RSI is so volatile that it gives too many false signals. RSX was quite good compare to RSI, but eventually it came to an end after a long streak of losses. You can search for my EA.

I can recommend a bunch of good strategies. The best one for me is "breakout" system. That's when price breaks out from a level (support or resistance). I created a Super S/R indicator (search for it) and made some money in late 2005 and 2006. Another strategy is about "convergence and divergence". That is you plot RSI and look for divergence between the RSI and price. If combined with a breakout system, it'll be better.

 

i do not use RSI and not interest with it.

but i'll give comment.

that's a good strategy. but not too good. i mean: not too bad.

bad bcs you trade against trend.

good bcs this often accurate.

do not use 1m timeframe.

i'm serious for this. you cannot profit from this bcs of spread.

for 5M. i use it. bcs i'm scalper.

to my experience, indicator like RSI is dangerous on 5M.

RSI is good above 15M timeframe.-> my opinion.

for H4 and above is dangerous for entry 'if you use that strategy'.

another strategy is zero line cross over. for this one you follow the trend and not against it.

i think this is more popular for RSI.

 

thanks to all who reply but there is problem what if i had to wait a lot for the pair to get 70 or up for days???

 
khubaib:
thanks to all who reply but there is problem what if i had to wait a lot for the pair to get 70 or up for days???

Hi,

Nothing easy in forex. Did you thing you can get big pips everydays. The answer is wrong and some time during ragging market (buy and sell very slow) we can't do anything and no trade at all.In forex we can't too greedy.

For me, I stick to 2 or 3 indicator and I will be become profitable. Too many indicator you can download out there but at the end you become confusing and hehehe it happen to me.. .Now I slowly improved my trade from looser to profitable.

Learning and learning and learning nothing end.......

 
nasree:
Hi, Nothing easy in forex. For me, I stick to 2 or 3 indicator and I will be become profitable. Too many indicator you can download out there but at the end you become confusing and hehehe it happen to me.. .Now I slowly improved my trade from looser to profitable. Learning and learning and learning nothing end.......

what about using all mt4 indicator available, using all system everknown, and trading all pairs?

: :ranting

 

Hi,

I'm still beginner and need to improve to more profitable.

I'm scalper trader and not trade the whole days,just 3 or 4 hours/days cause I have to go to part time work.So far I'm used Moving Averege(5,12 WMA , 18,28 EMA), FX Snipper , Beginner,ASCTrend Sound,Stoch and Turbo JRSX as well.heehheh quite a lot......hah?

From my observation

1)Moving Averege can tell you something when WMA (short term) cross EMA (long term) and both WMA cross each others (buy or sell signal)

2)Beginner (buy or sell) signal more faster than ASCTrend and combine with FX Snipper and heyyyy this 3 indicator not bad.....( when they gave a signal can get 5 ~ 10 pips easly).

3) Stoch and Turbo JRSX almost same function ( overbought and oversold signal)

p/s If I'm expert in program , I'm prefer to use indicator such as no 2 but open buy/long trade when buy signal and close trade when sell signal come out but at the same time open sell/short trade and close trade when buy signal come out????....maybe we can set how many trade/day......for sclapper trader only..... .....who can make program for me???? I'm tried TradeMeLeaveMe but i don't know it's dosen't work..

All Indicator you can download form this forum.....? FREEEEEEE......

heheeh...sorry for my bad english

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