with ability to change first to a different Time Frame.(Defaults To Current Chart Time Frame).
Ability To Turn On/Off Background Highlighting if First is Above/Below 70 or 30 Lines.
Ability To Turn On/Off Background Highlighting When First Crosses Above 30 Or Below 70.
Ability To Turn On/Off "B" Or "S" When First Crosses Above 30 Or Below 70.
Ability To Turn On/Off Mid-Line Plot.
Option To Plot 2nd to show different Time Frames on same chart!!!
Ability To Use Different Look Back Period If You Plot 2nd .
I just found this tonight and I am having great fun with it. I had what I would call a happy accident several months ago and your indicator is perfect for what I like to do. What I did was draw a trend line on my RSI on a weekly then switched my chart to a daily. The trend line left from the weekly chart was revealing something hidden on the daily. I have been using this to find entries in stocks trending up ever since. I will be using your indicator from now on. Thank you!! Here is an example: I have both RSIs set to seven. The orange is set to weekly and the blue is daily. I next draw a trend line using the weekly RSI. I use the beginning and end of the base as my two points for the line. Now any drop below this line in the future is a potential entry point. I entered AA near 10 using this method. Your indicator is much better; because, I am able to see the weekly and daily at the same time and this is a supreme advantage. Something I have never been able to do before now. I am certain in time many will find a great uses for this indicator. Thanks!! LR
do i have to close this position? or do i have to wait for price going down? pls i will be waiting ur answer. im trying to make some money for complate my education pls i need ur help
Kind regards, Hamed
#1 This was not my idea about GBPJPY...I simply created the indicator per request by someone else...and I just happened to post on this symbol.
#2 You NEVER EVER!!!! Move your stop. Before getting in to the trade you #1 figure where your stop needs to go...#2 either position size so if the place you put your stop is hit equals the dollar amount your willing to risk on a trade. I have no idea what your position size is...I trade forex in standard lots...and on a Daily chart $200 would be too small of a Stop...If your trading in mini lots maybe...
#3 I have no idea what you mean by getting a Sell at 173.020 for a long time. Are you talking about the Daily Timeframe? There hasn't been a sell entry since 7/04 on the daily chart...at roughly 175.100
#4 on the chart you posted your using the RSI based on the Low of the candle...not the close. Do you have any statistical data as to why you do this.
#5 The RSI method...or almost any oscillator method works well in Range Bound Markets. They do not work well in Trending or Breakout markets. It's way beyond the scope of this discussion to define a range bound market vs. trending and breakout markets but if you don't know how to clearly define these...your at a disadvantage using the RSI.
NEVER move your Stop!!! Some trades work...Some Don't...Take your loss and move on...The amount you Risk per trade should never hurt your account. By moving your stop you've defined yourself as a Amateur trader...Not a Professional Trader...not being mean...We've ALL done it before...One of two things will happen going forward. You won't touch your stops...and if your Trade Setups have a high enough statistical probability you will make money over time. OR...you'll keep moving your stop and your account will go to zero. Your in control of every trade you take from now on...Ask yourself...am I going to trade like a professional...or an amateur trader. 100% your choice...