Hi Baruch and all esteemed traders here Thanks for all contribution to this journal and sure for baruch the journal owner ... About your system .. I just want to know if you buy only after rsi breach 55 ( for example let us say price first breach up the 50ma and then while rsi is 90 .. so do you buy then ? same for short is it only when rsi less than 45 ... ? I notice by that time rsi reach 55 or higher for buy signal and for rsi to reach 45 for short signal the price already started to move and lots of pips are lift and risk / reward ratio is bad .. so what do you think ? I suggest one can take 2 lots each trade one to be exited at fixed pips and other let it free trade with stop loss at break even .. I notice that the system can be used only with 50ma and sar with to confirm with no need for rsi ... I will test it ... For my self I trade spot forex and spot gold and silver mostly position trading but recently I am managing to trade daily ( intraday ) .. i usually rely on techniques for profit objectives taken from dinapoli levels and always back test ideas with metastock .. for example on daily charts .. the best ma system for euro is EMA10 , for gold it is EMA16 .... , .. etc . I Read all the threads and impressed by all contributions ... and need to how you exit your position ... some times you are up 5 pips or 7 ... so do you stick to your rules for trailing stops or what ? now days I am testing new system based on TRL trend reverse levels ... which if breached then we buy or sell ... I wish you all the best and good luck
Hi nayzak, Thank you. I don´t use RSI anymore - I use momentum. I think it works better. I don't always follow the rules stricktly, because I test new ideas again and again. That's why I started this thread - to share new ideas with other traders. Could you tell more about your new system? I don't know what TRL means...
Hi baruch TRL is trend reverse level ... they are key points calculated for each currency .. it is not my system the formuals for calculating is not know to me .. but I take these trl daily on subscription basis from other providers ... like www.currencytrend.com ... the idea is one should take 2 positions for each pair and buy or sell upon breach of the trl with tight stop and limit orders ... stop of about 30 pip and limit for each currency it depends .. for eur limit order about 70 to 150 pip for first lot and then you set your stop loss to break even for the second lot and you have free trade then until the TRL breached again then you exit your position ... By the what is your recommnedation of forex brokers on europe ... do you have claims on fxcm ... ? I already have account with them ... but never had problem ... and usually when news come out they do fill orders exactly without dealy .. how about other brokers ? Wish you all the best
sorry the web site is www.currencytrends.com but they are not the only people who provide TRL Regards
Hi again, OK, but does it work?? I don't like to recommend brokers (but be carefull...) - and I don't know very much about FXCM.