Rewind Back 15 Years

[themickey]

my experience of rsi which is reinforced recently is it is totally useless.
All that divergence means is that the move which made a new high/low was made on less strength / momentum.
This hardly tells us anything of any use but only that the move will continue but at a slower rate

I've been saying that for years on ET, RSI is useless when used conventionally as an overbought oversold indicator.
However it does have other uses, especially for stocks as a means for assisting in finding quality.
You need to be able to code it into an algo, not as a chart based indicator.

 

[padutrader]

as an overbought oversold indicator.

yes of course
but my point:
is you can just use your eyes to compare the past with the present

and the past need not be restricted to 14 periods or whatever the look back period is.

it does give measurement accurate to the look back period

 

[padutrader]

long usdcad 1.34671 View attachment 201865

closed at 1.34746 7.5 pips/ticks

 

[padutrader]

long usdjpy at 111.511 View attachment 201868

closed 111.501 loss 1 pip

 

[padutrader]

sold audusd at .69910 View attachment 201869

closed for .66915 profit .5 pip

 

[padutrader]

sold eurusd at 1.1567View attachment 201873

closed short at 1.11459 profit 10.8 pips/ticks

 

[mbondy]

This thread is amazing!

I am very happy that you are a member here and to watch you gamble

 

[padutrader]

from my trading today i can conclude that i should improve my choice of the forex pair....i found that general direction was alright but the entry was off in some of the pair.

i am looking for some reasons why this may be so.

I am coming to the conclusion that it is possible that less is more and choosing correctly is the key to a fantastic improvement in trading results,not a great observation i know but may be something to work on personally.

however it is not possible to buy the bottom or sell the top so that has to be kept in mind

 

[padutrader]

This thread is amazing!

I am very happy that you are a member here and to watch you gamble

Thank you for dropping by!

i found out just now that all the knowledge you accumulate -and i have accumulated 25 years worth- is worthless unless you can win.

you can call it gambling but i have won and am positive for the week as is clear if you have seen the thread.

 

[padutrader]

sold usdjpy at 111.516....am loving it..... my gambling nfp data in 15 min this is gambling