hey fellow traders, OK i wanted to share something with you which works for me time and time again, r u ready 123 lets go..
OK take a 30 minute chart in my case usd ukp.
next add the rsi and make the settings under inputs at 2. Yep thats right you heard me, sounds a bit crazy but por favor follow me.
Next search on the internet and find the RSI mirror indicator (freely available).
Place this the RSI mirror indicator over the RSI the settings for the MIRROR rsi is yep you got it 2. (follow me) ..
Now follow the thirty min chart and when the RSI moves up and touches the BLUE line of the MIRROR rsi then you will get a trade, it also works on the down trend, thats right simple but really effective, and when they touch you will find that it does not reverse its a definate trade, dont believe me - then test it out and get back with the results..
You can get RSI MIRROR from this link.
RSI Mirror - MQL4 Code Base
hey ww thanks for putting up the link, one thing i should add, this system is best on the 30min chart only, 5min to fast theh 15 min gives a false signal in that it touches then jumps back the one hour is too slow but is great for the overall trend if its staying up, but the 30 min chart it works fine, i hope you test it out its easy too and would love to hear some reponses. it works for me. AND ONE LAST POINT
the up trend of this system thats rsi on the bottom going up seems much more profitable then the down trend although the down trend works, u just have to judge the retracement of the wave, and remember as the rsi is travelling up the blue line on the rsi mirror is orcourse travelling down, and when they touch its the start. hope that helps dean simple really, and no need for any other indicator no need for stochs or macd's or whatever.
Can you post your chart here and show Buy and Sell point?
go one better go to your trading station if ur on mt4 right away set it up and you will see todays trade which is just finishing beginning 153 721 and its topping at 155 086 thats a pretty good run, u just gotta stay in the trade and follow the rsi and get out when u choose wait for the middle re trace then when it continues follow it again, blue to blue and if u can go now and check for real remember he was just about to break the pivot point so thats a good indicator its down to you to judge the retrace of the wave and the overall wave formation, this gets you in and out safely.
I try its, thanks, Brother....
Very unique idea. Will give it a test on demo account when markets open. Thanks.
How long you using this method?
Hi guys! I'm new in this forum, so hi everybody
If I understood streetlight's rules, we need a unique indicator which performs a regular RSI and the blue line of the RSI_Mirror, the line which referes to (RSI(open) - RSI(close)) value. So I coded the indicator, and I've added arrow functions to get signal arrows in chart.
I've not tried yet in real-time demo account, 'cause I've just finsihed coding and market is closed at the moment to try...
I used EUR/USD TF 30 min.
Here you are a screen capture and the MQL4 indicator, for those who are interested in this idea. The indicator is the last one (bottom).
There might be a lot of false signals also in 30 min....
Please, post back your tests and modifications
yes well false signals with the rsi yes, but if you look for the cross over as i say, you may get a retracement of some kind, howver its a good indication of a move in direction, and you will make pips if you .. hold your position, as said its an indicator us it as an indication and it makes for a pretty accurate guide, well for me that is, .. be interested in other peoples opinions..
hey zek if you catch this have something else which if you can send me a private message we could evaluate if your a programmer, the rsi and mirror is part one of the equation. st light