I have been posting(mostly position trades) real time in my ES Journal. I'll start posting based on hourly chart there today.
Are you using a 14 period or what? I know it doesn't matter all that much, but just wondering. Best, LB
think that DOES matter quite a bit. on the indices, you need to use a short time period to "amplify" a bit, unless you want to trade twice per year. RSI is fine...not a grail. the only grail is solid money management.
Yes, just using the standard 14. I adapt my style to the indicators so that I don't have to remember all the various settings etc. My style is a very simple "Keep it simple" approach. This allows me less stress and I can enjoy life much more. When approached in this manner, I find trading to be very "simple". (Didn't say easy--I said simple)
My original premise was that this RSI pattern coupled with money management was the grail, so I am in partial agreement with you.
b1s2........hi there....there is no grail.........there is not one good reason to pursue it......none......trade management will take care of money.......breakeven is golden........exit when u c things going against you.....wait for the bigger bars and trade longer time frame charts than 5 minute.....IMHO only.....1 chart.......1 time frame......extreme minimum information is better ...law of diminishing returns gets you with too much stuff.....i know u know what u r doing.......daytrading emini's is brain whacker.....as always best wishes forever porgie
MM is not the grail. All good MM by itself will do is slow the bleed of a losing strategy or losing psychology.
b1s2, Would you be able to elaborate on your RSI strategy a bit further? I looked at your charts and your ES journal although I was not able to read throught 600+ pages. I like the RSI combined with other indicators but I am still not clear what is your entry point? When the RSI makes a higher low? Do you do that on what time frame? Someone on this thread said that you might lose uptrending moves because the RSI never gets too low to trigger a signal. Any comments appreciated...
This is all nice, but it proves nothing. Proof is evidence of material facts. You made the statement that you have the grail. Now prove it. That's all. No criticism, no comment, just prove what you stated. One way it is to post real time entries with follow up charts showing the details of the entry and the exits as they unfold. Thanks.
My definition of "The Grail" is each person's complete understanding of their preferred trade method AND self-management of emotions. That also encompasses money = position size management... falls within the general emotional control bracket. For me, the "Grail" is following trend moves. Whether that is all day, part of a day or fifteen minutes is irrelevant... my only view of the charts is one of expectation that each directional move is the big one. Too many years of trying to fade directional moves taught me that going with the flow is where my easy money lies. Oscillators such as RSI can be used to build very successful trading methods... for traders who wish to target reversals while trying to avoid getting killed inside sustained trend moves like the middle of this week. Traders like me must avoid getting chopped at the extreme turns while we buy/sell pull backs repeatedly inside directional swings & trends. * "The Grail" is different for each of us. RSI traders are taking profits out of vastly different segments of the market than I am. Does not mean they are better or worse off, just using a different set of chart goggles to see opportunity with. Master your method, master yourself in the operation of that method thru all aspects and that's it... so simple, right? (huge laugh)