gaheitman wrote:

garyfritz wrote:

SWG123 wrote:I don't think it needs beautifying. Would be nice to be able to see it without squinting though!

George's improvement is perfect for that. You can specify the font, color, and SIZE. If you increase the font size you'll need to increase the ydelta parameter so the lines don't squish together.

Here's a slight mod to George's change. I removed the Comment()-based display, since George's text replaces it. I also added an "up/down" arrow for "long/short" to make it a bit more visual, fixed a minor error I introduced, added a few missing pairs from the TradePairs input, and added code to clean up George's text when you remove the indy.

I'll see your changes and raise you an automated currency pair lookup....

For those of you who want the option to trade anything your criminal has to offer, but can't quite remember all the symbols, I added code to populate the list of currencies automatically if the parameter passed (TradePairs) is blank.

The request to add an alert to this thing should come pretty soon. :>

BTW, clever reuse of the GetArrow() procedure....

George

garyfritz wrote:Well obviously I have some learning to do with this method. I tried several trades today, and almost every one of them tagged my entry, then promptly reversed: AUDCHF at 0.9551, AUDCAD at 1.0760, GBPCAD at 1.5920, etc. Not sure if today was a particularly bad day or if I just made particularly bad choices. Maybe Monday morning is a bad time to add new positions?

garyfritz wrote:In any event, I think the RSI indi has too short a horizon. The RSI being high and rising for a day, or two or three, doesn't really tell you what you want. I think you want the ones that rise or fall smoothly and strongly. The RSI in the last few days isn't irrelevant but it doesn't seem like as strong an indicator as a strong trend. Or am I misunderstanding the intent?

• 1) You are over-complicating what is a simple idea. If you do not think the Rsi is sufficient for identifying the trend, then use a different method.
  2) You are being impatient. A trending market can consolidate for days on end (yes, I know you know this, but are you listening to yourself reminding yourself about this?). Some trades will inevitably retrace after piercing a support/resistance - the level has previously been s/r at some stage in the relatively recent past. The fact is, your are trading the trend and usually the trend will resume. If you cannot be patient and wait for this to happen, then this method is not for you. You also need to be able to trade lot sizes sufficiently small that the account will easily withstand a retrace - not something many traders addicted to 'risking x% of the account on a single trade are good at (that is not an accusation, merely a comment). The real success from this method has come from stacking the trades when a trending pair makes a powerful move.
  3) You appear to be ignoring the advice of a professional floor trader and the experience of a few of us who have found the D1 Rsi 20 to be a highly effective trend-spotting mechanism. For sure, it has been in the couple of years since scoobs first introduced us to the idea.

SteveHopwood wrote:

garyfritz wrote:In any event, I think the RSI indi has too short a horizon. The RSI being high and rising for a day, or two or three, doesn't really tell you what you want. I think you want the ones that rise or fall smoothly and strongly. The RSI in the last few days isn't irrelevant but it doesn't seem like as strong an indicator as a strong trend. Or am I misunderstanding the intent?

It is early days, so I might be wrong, but here is what I think:

• 1) You are over-complicating what is a simple idea. If you do not think the Rsi is sufficient for identifying the trend, then use a different method.
  2) You are being impatient. A trending market can consolidate for days on end (yes, I know you know this, but are you listening to yourself reminding yourself about this?). Some trades will inevitably retrace after piercing a support/resistance - the level has previously been s/r at some stage in the relatively recent past. The fact is, your are trading the trend and usually the trend will resume. If you cannot be patient and wait for this to happen, then this method is not for you. You also need to be able to trade lot sizes sufficiently small that the account will easily withstand a retrace - not something many traders addicted to 'risking x% of the account on a single trade are good at (that is not an accusation, merely a comment). The real success from this method has come from stacking the trades when a trending pair makes a powerful move.
  3) You appear to be ignoring the advice of a professional floor trader and the experience of a few of us who have found the D1 Rsi 20 to be a highly effective trend-spotting mechanism. For sure, it has been in the couple of years since scoobs first introduced us to the idea.

Just because this is working for me now, does not mean it will work for you if it does not feel natural to you. Nor does it mean that it will always work for me, but for now I am trading up a storm and having a great time.

spotdespot wrote:EDIT: Yes I have - note to all people who are dumb enough not to notice you need to change the magic number for each trade. Thought of editing to remove embarrassment but I deserve it.