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Thread: Hi Everyone!

  1. #1
    Rookie Member Bent78's Avatar

    Hi Everyone! !!!

    I'm Ben from Perth in Western Australia, just a quick intro... looking forward to learning and meeting people new mates in this forum.

    I am quite new to this forum stuff hehe

    Some info about me.

    Started in binary options about a year ago with one two trade.(bad mistake) Anyway and expensive lesson.

    I managed to recoup some of money back through my tax return which soften the pain.

    They did teach me a couple of things for a new trader.

    I have been using NetDania charts.
    Trading any of the major currencies
    10 min time frame.

    Here are the steps to set-up the RSI on NetDania:
    Go to netdania on the web
    Go to Charts
    On the candlestick chart, click View, Detach Chart, and then maximize the screen
    Settings --> Time Zone--> (GMT) Casablanca, Monrovia, Reykjavik
    Time Scale --> 10-minutes
    Click Studies --> Search for the RSI in the list of studies --> Choose the Relative Strength Index
    Change the period from 14 to the number 8
    Click add and ok

    The Relative Strength Index or RSI is a momentum oscillator that helps us identify “overbought” and “oversold” conditions. Whenever the price of an asset reaches either an “overbought” or “oversold” condition, we can expect that there will soon be a price reversal. It is when these price reversals occur that we can place our trading position.

    The RSI is based on a scale from 0-100, with values of 70 and above being “overbought” and values below 30 being oversold. We will follow the RSI line (the green line on NetDania) to find our trading signals.

    Whenever the RSI line reaches the level of 70 or above, the price has reached an overbought condition where we can expect a price reversal. As soon as we have a clear indication that the RSI line is moving down, this is our trading signal and we can place now place a PUTposition.

    Once this price reversal has happened, the price could continue to go down for another 10, 20, or even 30 minutes, so we need to check the available expiry times on the platform. If there is an available expiry time in the next 30-40 minutes, you could place your PUT position.

    When the signal line reaches the level of 30 or below, it has reached an oversold condition where we can expect a price reversal. As soon as we see that the signal line stops, reverses, and starts to move up, this is our CALL position. Once again, the price could continue to go up for another 10, 20, or 30-minutes, so it’s important to see what expiry times are available on the platform.

    Remember to only trade in markets where there is price movement. The RSI and any other technical indicators will not work properly in sideways moving markets.

    Used with the MACD

    NetDania Instructions for the MACD
    Go to netdania on the web
    Go to Charts
    On the candlestick chart, click View and then Detach Chart. Now maximize the screen.
    Click Time Scale and choose a 10-minute chart.
    Click on Settings, then Time Zone, and choose (GMT) Casablanca, Monrovia, Reykjavik
    Click Studies and choose MACD from the list
    Change the first EMA period to 8, Second EMA period to 24, and Signal EMA period to 7
    Click Add and then Ok.
    MACD Summary

    The “Moving Average Convergence-Divergence” indicator or the MACD (pronounced Mahk-dee) as it’s most commonly known, is a momentum indicator that helps us identify where a trend is ending and a new trend is beginning.

    This indicator consists of two exponential moving average lines---a faster moving average line (green line on NetDania) and a slower moving average line (blue line on NetDania). Because the green moving average line is the faster moving average line, it will always move first.

    Whenever the green line moves TOWARDS the blue line, this is known as CONVERGENCE. Whenever the green line moves AWAY from the blue line, this is known as DIVERGENCE. In binary options, we are only focusing on CONVERGENCE.

    Whenever we see that the green line is ABOVE the blue line and the green line CONVERGES on the blue line, this is an example of a PUT POSITION.

    Whenever the green line is BELOW the blue line and the green line CONVERGES on the blue line, this is an example of a CALL POSITION.

    Sometimes, it will be easy to see when convergence occurs and other times it will be subtle. For this reason, we have the histogram, which plots the difference between the two moving average lines.

    When DIVERGENCE occurs, the bars on the histogram will be TALLER and when CONVERGENCE occurs the bars will become SHORTER. So, whenever the bars on the histogram start to get shorter, this will be a confirmation of convergence.

    It is important to place our trade as soon as we see convergence, as the price may only continue in the same direction for 10,20, or 30 minutes. As soon as you see the bars are getting shorter on the histogram AND that the green line is converging on the blue line, you could place the appropriate position.

    This worked quite well for me, but my emotions got to me lol

    So I have joined this forum and have been going through this school which has filled in a lot of learning gaps... really enjoying it!!

    I am up to 'all tool and indicators'

    I have downloaded metatrader4 software, and i am just trying to get my head around it.

    Anyway nice to meet you all.


  2. #2
    Legendry Member Okane's Avatar
    Hey Ben!
    Welcome to CommuniTraders, I hope we can help you become a better trader!

    RSI and MACD are good indicators, here is a full review on RSI, but looks like you know all about RSI already:

    It's good that you are combining RSI with MACD and explaining your strategy here.
    But me personally, not a big fan of MACD :P.

    I think you need to evaluate the charts more than just relying on those two indicators.
    For a beginner though, it's a simple strategy to start with but for the future I suggest
    you also learn to analyze the charts themselves, such as drawing support and resistance lines,
    trend lines and recognizing patterns. It's a bit harder but the your trading will improve.
    You can check other members diaries in the Members War Room, there are pictures with explanations
    so you can learn something from other people too. Feel free to also start your own diary, explain
    your strategy there and shape it after your own skills.
    Live Webinar: Hidden Content
    Join My Skype Group: Hidden Content

  3. #3
    Legendry Member willyw's Avatar
    HJi Ben, welcome to BOTS!!! MACD and RSI is a good combination for analyzing ocerbouth and oversold conditions. Keep it up.

  4. #4
    Legendry Member milos's Avatar
    Hi Ben
    Here is links below
    You can find here daily, weekly and monthly trading tips. It is included trading dairy and explanation.

  5. #5
    Administrator Martin Kay's Avatar
    this introduction is making it hard on me.. i'll pass sorry
    “Don't believe anything you read on the net. Except this. Well, including this, I suppose.” ― Douglas Adams

  6. #6
    Moderator Kolyo's Avatar
    Hi Bent78,

    Welcome to CommuniTraders!

    Very long introduction but quite informative. Looks it will help NetDania users. A great way to present your own strategy is to strart a trading diary in the Members War Room. Just check there and see how it is done by other users!

    Wish you good luck and successful trading
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  7. #7
    Master Member SeasaltMcFish's Avatar

    Wow, for a quick intro, it took me a long time to read

    Good luck and have fun with our school!

  8. #8
    Rookie Member Bent78's Avatar
    Hi Okane,

    Thanks for your message.

    Yes I definitely need to learn more indicators.

    Thanks for the chart tip too, I have done a little in recognising patterns but I need to do a lot more hehe



  9. #9
    Rookie Member Bent78's Avatar
    Hey Willyw,

    thanks for the welcome!and encouragement



  10. #10
    Rookie Member Bent78's Avatar
    Thanks Milos for the links... appreciate it


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