I started trading about 3 months ago with a new system. It uses Rapid RSI14(it is an awesome indicator, it works far better than regular RSI), 10,20 and 50 SMA, Fibonacci retracements and Extensions.I also take in account the daily pivot -buy above sell below. It is important to enter trades during volatile markets only and avoid trading during big news releases. You go long after Rapid RSI crosses 30 from below and short when it crosses 70 from above , add 10 to 15 pips to make sure it is a real signal. I trade from 4:30 am to 8:00am PST. I don’t like spending all day starring at my computer. So far it has been producing 30 to 50+ pips per day. Ill keep you posted on the progress.
Wizard
PS I tried uploading the Rapid RSI indicator but it did not work
I use this system on GBP/JPY,EUR/CAD and GBP/CHF .It works on all pairs , but I prefer the ones that move. I take profit anywhere from 30 to 100 pip with a SL of 40 PIPS, it all depends on how I feel about the trade. I trade from a 5min chart, sometimes the 3min chart works well too.The 50 sma is acts like a price pivot and can be used for entry/exit levels.I never trade against a strong trend.I sometimes use support and resistance levels to take profit or most of the time I leave a lot of pips on the table so I am learning to stay in trades longer. My partner who taught me the system makes routinely over 100 pips a day using it. We started trading together and I feel more comfortable allowing for trades to run longer. I’ll post some more details when time permits.
Hi there, when you tried to upload the Rapid RSI indicator, what exactly did not work? Did it give you an error message or anything?
You should be able to select the .mq4 (or whatever it is) indicator file from your computer, then click the “Upload” button at the very far right side of that window …for me that window opens up pretty small and when I first tried to upload something, I didn’t even see it…so wondered if that might be a possibility?
Hello Sweet Pip, I tried to upload the RSI through the “Manage attachment” window, I keep getting an invalid file message. The RSI is zipped , and that is how I had it uploaded in my MT4 stations, It works fine here but I can’t upload it. I did use the upload tab.
Based on the information you’ve provided so far (Rapid RSI, SMA 10/20/50), it looks like you are talking about the same or similar system that is posted under a thread entitled “GBP/JPY Scalpers” on Forex Factory. Is this the system you are referring to? Are you the same person that started this thread there back in Februrary? There’s 150+ pages of discussion about this system there - I’m just curious if we’re talking about the same system here?
Great - that answers my question, thanks. Been following that thread for a few weeks now. Haven’t had much success with it yet, but also haven’t had much time to really devote to it. Many people in that thread have been reporting some successes with the strategy.
I don’t use rapid share, but I think what you want is a wwwDOTrapidshareDOTcom
If anyone�s interested here�s the Rapid RSI indicator for Metatrader. I had to put it in a zip file so maybe that�s why Wizard couldn�t get it to work.
Wizard, can you give us a few details?
Do you use the New York close to calculate your pivot points?
I�m assuming you�re looking for a cross of the 3 SMA�s in the direction to want to trade. Or, for example, something I�ve noticed, for a short, if the 10 and 20 are still above the 50 but the latest bar is at the 50 and the 10 crosses the 20 you get a good entry signal.
The fibs are used for entry/exit points. The SMA, when they are staked up 50 on bottom 10 on top it is a bull stack and the reverse is a bear stack those are for confirmation of trend. Do not enter buy if below 50sma and sell if above, try to enter positions that are clear of the 50 sma . The system really works in high volume use the 5min chart anything above 5min add 50 pips for confirmation and 100 on 60 min. My partner has really mastered this system and he uses 3min charts successfully. Play around with it and see the best set ups, the instructions are for GJ , GBP/CHF and EUR/CAD but they work on all pairs.
…wouldn’t touch it with a 10 ft pole!!!