[quote=“troparzum, post:297, topic:83773, full:true”]
After some time and a bit later than I thought i have took an old strategy of mine. But I will trade more than oil to get at least 2 trades a day. Later i will Post what it is about and i would really love if you can rate it.What do you mean with 30/70 lines? [/quote]
Sure! I would be happy to take a look and comment on it.
Regarding the 30/70 lines. The RSI is a momentum indicator with a scale of 0-100. The traditional use of this is to watch when the RSI line passes either over the 70 level or under the 30 level. The price is considered to be overbought above 70 and oversold under 30 and therefore suggesting a possible reversal is imminent.
However, in practice the RSI line can stay above or below these levels for quite some time. Therefore it is better to just use it as a warning that it might be too late to buy or sell if not already in a position or to take some profit if a position already exists. It is quite risky to enter a reverse position just because the line is beyond either of these extremes. However, once the lines passes back within these two extremes then it might back up some other signal to enter in the opposite direction. Some traders prefer to use 80/20 instead of 70/30.
Personally, I only watch whether the RSI line is above or below the middle 50 line and whether it is in accordance with my entry signal.
No not yet! we have an old wilderness hut on this lake as a kind of getaway. No running water or electricity. Our water comes from a nearby spring and I have installed a solar panel system to provide some lighting and charge phones, laptop and broadband, etc. These are the only luxuries allowed there But I must admit it does feel strange to trade from there…
I am also just trading some short term quickies and leaving oil on the sidelines for a while. I don’t have a clear view on it at present. Took some pips out of USDCHF this morning just for a change of scenery, haven’t been there for a few years now!
I am also planning to experiment a little to find out just how generic my own method actually is and try out a few index-based trades like US30, UK100,SPX500 - but very, very, gently!!!