Hey Umesh,
I have tried to come up with a trading plan for a 2 day RSI, but it did
not work too well, because the RSI does not give an extreme sell or buy signal
often. What I did was configure the Williams%R to a 5 day period and
this shows extremes. Here is the trading plan.
5 day William’s R trade rules
? Check the weekly MACD to
see if it is rising or falling. This can identify a possible trend
change.
? Identify the trend based on the 20 and 50 day MA on the daily
chart. In addition, the Bollinger Bands can be used to identify trend.
?
Identify if the MACD histogram is rising or falling on the daily chart.
?
Look for the WILLIAM’S R to become OVERSOLD (-80 to -100) on the daily chart
at the close. After an oversold reading on the William’s R, look for a daily
candle to show some type of reversal pattern before entering. The reversal
candle could take a couple of days to appear. Enter the position at the close
of the reversal day.
? After entry, hold long until William’s R reaches the
overbought area (-20 to 0) at the close or if the close is going to be a close
below the previous day’s close.
? In up trends, look for price action
to rise towards the upper Bollinger Band as guide for an exit.
? In down
trends, look for price action to rise towards the 20 day MA as a guide for an
exit.
? The stop loss needs to be placed below the low of the previous day
(The low of the oversold reading of the William’s R) or the low of the
reversal day, whichever is lower. If the stop is hit the trade must be exited.
Being that the entries are so precise, it is important that the trade is
exited on a stop because more than likely the trade can be re-entered at a
better price and make the same profit projected.
On Tue, May 5, 2009 at 11:05 AM, Umesh Malhotra
<mtranscriptionist@gmail.com>
wrote:
hi
I am looking for RSI(2)
trading strategy...if anybody can forward any input will be of great
help
regards
umesh
----- Original Message -----
Sent: Tuesday, May 05, 2009 8:53
AM
Subject: Re: [EquisMetaStock Group]
Open Price indicator
Hi Lee
I think a PREV-based latch is tho only way to
do this in MFL. Such a latch allows you to create exit signals based on
the entry price, current price or virtually any other price. Of course the
down side is that the PREV code executes at snails pace. On the plus side,
it works.
Trade:=If(PREV<=0, (entry signal)*(entry
price), If( (independent exit signal) OR C<PREV*0.95 , -PREV {or
-1}, PREV));
The Trade variable will set to the value of
the entry price if an entry signal is received and the Trade latch is
reset {=0} or in the process of resetting {<0}. Once the latch is set
the first If() function bypasses all entry signals and passes control to
the second If() function. This second If() function acts on either of two
exit conditions being met {more conditions are possible}. An
independent exit signal will reset the latch by forcing the output of
the latch to switch from +PREV to -PREV, and/or a CLOSE below 95% of the
entry price (PREV) will also force an output of -PREV. You can add other
exit conditions ad-nauseum, but remember that each PREV will slow down the
code even more.
Keep in mind that the trade closes on the bar
that Trade goes negative so the trade probably progresses until the close
of the current bar. Adding
Trade:=Abs(Trade);
as the next line of code extends a positive
value output from the latch by one bar.
Back to the first If() function. If there is
no entry signal on the bar after the reset the latch will return to a zero
result. However, an entry signal from this point on will set the new entry
price into latch, indicating that a new trade is active.
Does that make sense?
Regards
Roy
----- Original Message -----
Sent: Tuesday, May 05, 2009 11:44
AM
Subject: [EquisMetaStock Group]
Open Price indicator
Hi there,
Has anyone been successful and solving an indicator
that determines your open price? So you can then create a stop loss or
break even indicator.
Allthough you can use the 'Valuewhen'
command to find the price when an open condition was triggered, there
may have been several more open conditions triggered before you receive
a close trigger. Hence the open price will change on you.
There
has to be a simple fix!
Lee.
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