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Jose,
You seem to be against and not like the RMO indicator inside
MetaSctock-10. I wonder how much in-depth use that opinion is based
on.
Below are my rules for its use and showing great success. I suggest
you revisit the application and my rules since your contributions
and opinions are highly regarded in this discussion group.
I look forward to developing the use of this chart analysis tool
with you.
Thank You.
Joe Hickle
RMO Trading Rules
Generally:
We want to trade into a trend. We prefer to take the market in the
LONG direction so that we earn overnight interest on Yen pairs.
The Daily blue arrow followed by blue arrows on smaller timeframes
down to at least the 15 minute chart is sought in the chart analysis.
We observed the Daily-720-360-60-45-30-15-5 charts.
The 60-minute chart shows a couple of days of time which can be the
life of a trade. Only when the 60 has a current blue arrow do you
look for a trade.
Enter when the 30 minute blue line, swing 3, crosses zero and you
have blue arrows across the timeframes. Add a green horizontal line
at zero for reference.
The SARs should be underneath the price candles.
Exit when your profit goal has been reached (2%) and smaller
timeframes start to break down. (30-15-5)
Wait for re-enter with the daily arrow foundation and smaller
timeframes corresponding to the trend. Usually best if the 60 swing3
(blue) has cycled back down below zero and starts increasing.
Know that candle color change happens at the cross of the pink
(swing2) line through zero.
Know that the direction arrow on the price charts forms when the
pink and blue lines cross.
Know that the green RMO histogram crossing zero is more certain when
the blue line has crossed zero.
Now more specifically on the RMO charts:
Observe the charts for
1. The trend direction is defined by the daily arrow, confirmed with
720 and 360 arrows.
Entering a long trade right after a daily blue arrow has occurred is
the start of a new uptrend.
Trade entry is based on timeframes of 60-minutes and smaller.
2. The 60 must have the blue arrow. Same for the 45-30-15-5 minutes.
3. The 15 and 30 must have blue candles and their swing3 line have
crossed zero. Blue 30 candles must open higher than the close of the
precious candle. Enter above the high price of the first blue 30
candle.
4. The 45 and 60 swing3 should be below the zero line and be
inclined upwards toward the zero line. Blue candles are nice but are
not mandatory.
5. If the 5 and 15 have a blue arrow, show the pink line above the
blue line and all of the above are true, entry the trade.
6. Exit with 2% of the trade amount in profit and when the 5 and 15
start to collapse, shown by a crossover of the pink and blue lines.
Study the 15 pink line to form a double-top as a possible exit
signal.
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