Forex | FX Operator | Currency Trading

This thread discusses the Content article: RSI Channeling System

thanks for the article jest.

hahaha for now on i will delete my 70 and 30 lines. it's true what you have said.

i learn something new..

Nice article jest.

Removal of the 70-30 feels so naked. Probably need to get used on that.

I'm still thinking how to draw that channel from the RSI you mentioned in it. Hmmm

Wil i think you recognize the charts hahaha. Well we really did take the RSI Breakout when price settled yesterday but the main reason was becoz it was in conjuction with pivot point s1 rebound, i'll try to find time to make an article about channel trading with pivot points. HELL QS SHOULD DO IT. hahaha. He's gonna test the OHLC system, it could be another good setup in our arsenal.

Now we have box, gaps, pivots, channels and 55ema...

Why do i put so much resistance/support point in my trading? This is to remind me, that i should learn to take smaller pips and stop being greedy, it also acts variant take profit points.

The pivot points really did work, you guys saw happen right before you yest, dun have to wait for indicator calls anymore, once price confirm you can safely take trades. haha

FXOperator wrote:

QUOTE:
Nice article jest.

Removal of the 70-30 feels so naked. Probably need to get used on that. :laugh:

I'm still thinking how to draw that channel from the RSI you mentioned in it. Hmmm

Looks for big swings, it does not have to be a downward breakout all the time, that occured coz yesterdays channel was too thin. Find good entries to short when RSI reaches top channel and price moves down on confirmation.

jest1081 wrote:

QUOTE:
Why do i put so much resistance/support point in my trading? This is to remind me, that i should learn to take smaller pips and stop being greedy, it also acts variant take profit points.

This I need to know about in trading. Ha. At times the greed indeed is killing the pips.

The pivot really is something, I was quite amazed when it hit 9497 and bounced up by 40 pips. Wow~!

Wil,

give you one example....at which point do you think, you will take the trade from the RSI swing?

At the third dot? Btw, how you decide that the dots shld be on that position? And the channels, you use what to draw? Maybe I can give it a try.

its a tool on mt4 called linear regression channel. i always connect the first two swings. The highest to the second rsi swing. From there i look if the RSI travels within the channel if it does i just leave the channel but when it breaks, i will wait for another swing to complete and update it to the new swing.

See the swing?

Which means if it breaks the channel then no trade to be made. However, if it touches and moves back. The trade is on?

Swing?

Yes! Break channel usually tells you to go out.

You see.... if the channel trend is down, if it acclerates further, and break downwards, take the trade. But if the channel is down and the rsi break upwards, its usually an indication to get out of ur trade.

It's getting clearer. Thanks. If it breaks lower part of the channel, the trade is on. In fact, in a way, can also enter before it goes under the lower part of channel after the swing?

FXOperator wrote:

QUOTE:
It's getting clearer. Thanks. If it breaks lower part of the channel, the trade is on. In fact, in a way, can also enter before it goes under the lower part of channel after the swing?

If it breaks lower part of the channel, the trade is on
Yes

In fact, in a way, can also enter before it goes under the lower part of channel after the swing?
This can happen if you are good at observing the candle formation. what if price decide to rebound back up? hehe.

oh i get what u mean, yes... you're right. U take the trade after it rebounds off the upper channel.

I've an auto-channeling indicator which can be customized according to the time frame.

Try it. I've checked that the best number of hours to put for each time frame goes like this:

5-min (past 5 hours)
15-min (past 15 hours)
60-min (past 60 hours)
240-min (past 240 hours)
Daily (past 1440 hours)
Weekly (past 7200 hours)
Monthly (past 28800 hours)

This channeling with ray projection is good for ranging market. Click here to download.<br><br>Post edited by: FXOperator, at: 2006/12/17 08:58

FXOperator,

Thank very much for the indicator. This indicator will help us for our intraday method.

We use on 5 min chart.
First, attach the indicator with Hours 24 (long term trend)

Second, attach again with hours Hours 12 (mediam term trend)

Third, attach again Hours 6

Fourth, attach hours 2 or 3

Jest, i think this indicator will help if you lazy to find more support and resistance. hahahhaha

QS.