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  1. #21
    Senior Member Annovdbos's Avatar
    Just finished a winning trade on EUR/USD.

    I was waiting for that previous bullish candle to end and I was expecting it would get stuck on the yellow S/R line. But then it broke out and I saw on the 1m timeframe it went up pretty fast. So I drew that white uptrend line on the 1m timeframe and it fitted prefectly on the 15m timeframe. So as soon as the new candle started I took a call option with 15m expiry. I'm still a bit nervous about trading on break-outs, but this one turned out to be a good one

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    Here on the 1m timeframe, the trend was going up untill my entry. After that it went down a little, but it went back up pretty fast again and found resistance on the trendline again.

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  2. #22
    Legendry Member Michael Hodges's Avatar
    Break outs are strong signals. I like this one because it came off a nice reversal pattern, it looks like a bounce from a long term trend line (the blue one) which is a stronger signal in and of itself.
    "Great Googely Moogely" ... Frank Zappa

  3. #23
    Senior Member Annovdbos's Avatar
    Quote Originally Posted by Michael Hodges View Post
    Break outs are strong signals. I like this one because it came off a nice reversal pattern, it looks like a bounce from a long term trend line (the blue one) which is a stronger signal in and of itself.
    Yes this one was quite strong, which is why I was confident enough to take the trade. Well, that and I'm still using a demo account. :P But I still find break outs hard to recognize. Mostly because the stochastic is than overbought (in this case) and that leaves me to think the price must go down again.

    But this one was a pretty clear break out, because on the 1m timeframe I could see a nice upgoing trend and the line I drew there fitted prefectly on the two higher lows on 15m timeframe. Which was a pretty strong signal to me. Also the bullish candle before my entry candle broke my downgoing white trendline and my S/R line pretty obvious.

    And what you said about the long term trendline, where it bounced off was indeed another strong signal, which I didn't even see.. So thanks for pointing that out! It's great getting comments on my trades. I'm learning something new everytime.

  4. #24
    Senior Member Annovdbos's Avatar
    Made a winning trade on the AUD/USD a few minutes ago.

    I came across a nice new way of analyzing charts on youtube, namely: drawing trend and S/R lines on RSI. It's hard and I need to practice a lot more, but I think it is a great adding to the analysis to confirm making trades. Maybe someone has experience with this? If not, or someone might be interested, this is the link to the youtube video I watched: https://www.youtube.com/watch?v=AhtwN1N5Gvk. I'm just practicing with it now and I'll see if it'll work for me.

    Anyway, back to my trade. I took a put option with 15 minute expiry. I had to two different downtrend lines and a S/R line, all were touched by the candle I took the trade on. Also the stochastic was almost overbought. But the most interesting thing, in my opinion is the RSI. It touched the first S/R line on the RSI and bounced back off of it, which was another confirmation for me to take the trade.

    Click image for larger version.

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    Again, I just started using this technique/strategy tonight. I'm still practicing with it, so it's not a really great indicator yet. Also because these lines I drew only work on the 15m timeframe. If you have lines that work on multiple timeframes, they'd be stronger I think. But I will continue practicing with this technique, because I think it looks promising. It'd be nice to hear what your thoughts are about this.

    All I know now is that it worked this time.
    Last edited by Annovdbos; 09-05-2016 at 11:46 PM.

  5. #25
    Master Member Okane's Avatar
    Yes, that's a good technique.
    You can do that with most oscillators.
    It's good to learn how to really use a tool and not just jump in trades because of overbought/oversold.
    That's why I like Stochastic so much, it tells me many things other than the regular OB/OS.
    Like: Divergence, convergence, signal strength, expiry, support and resistance strength, retracements etc.

    So if you like the RSI, learn it well. Both Stoch and RSI are Oscillators. I suggest
    you use only one, whichever you enjoy the most.
    OptionHeimer: I am become debt, destroyer of accounts!

  6. #26
    Senior Member Annovdbos's Avatar
    Quote Originally Posted by Okane View Post
    Yes, that's a good technique.
    You can do that with most oscillators.
    It's good to learn how to really use a tool and not just jump in trades because of overbought/oversold.
    That's why I like Stochastic so much, it tells me many things other than the regular OB/OS.
    Like: Divergence, convergence, signal strength, expiry, support and resistance strength, retracements etc.

    So if you like the RSI, learn it well. Both Stoch and RSI are Oscillators. I suggest
    you use only one, whichever you enjoy the most.
    Yeah I like the RSI more I guess. Mostly because it's just one line. I'll use the RSI first and practice with it and see how that goes.

    Made another winning trade on AUD/USD last night using (RSI) trend- and S/R lines. A put option with 30m expiry.

    The candle I entered on touched my S/R line and the RSI also touched my S/R line at the same time (you can see at the arrow on the RSI). That white trendline was a target which it reached and found resistance on.

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    I like the analysis on the RSI, because it indeed tells you more than just overbought and oversold. Also it seems pretty accurate. Some trendlines I draw on the monthly chart, still are accurate on the Hourly, 30m and 15m charts, which seem pretty strong signals to me.

  7. #27
    Senior Member Annovdbos's Avatar
    Antoher winning trade on AUD/USD.

    I drew the S/R line on the RSI a bit higher as on the chart of my previous trade. I drew it at 77,7778 now. This is a strong S/R line, because the RSI had found alot of support on that line on the 15m, 30m and Hourly timeframes and it has never been broken. I simply waited for the RSI to touch the S/R line and as soon as it touched the S/R line, I waited for that bullish candle to close. When it closed I took a put option with 30m expiry and it ended in the money.

    Click image for larger version.

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    Cause there's no line where I entered, here's the picture of the trade:

    Click image for larger version.

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    I entered at 0.767855 and the position closed on 0.766995.
    Last edited by Annovdbos; 09-06-2016 at 07:57 PM.

  8. #28
    Senior Member Annovdbos's Avatar
    Win on EUR/USD.

    The RSI hit the resisting trendline, which had been reached three times before, so it was pretty accurate. Nevertheless I waited for the first bearish candle to close, to really see that the RSI was actually going down after it hit the trendline. I immediatly entered after that first bearish candle with a 15m expiry put option. I was pretty confident it would be a winning trade with a 15m expiry, because on all the previous touches the price was lower after 30 minutes than the opening price on the touches. So all I had to do was take a 15m expiry put option.

    Click image for larger version.

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    Click image for larger version.

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    I entered the trade on 1.12556 and the position closed on 1.125335.

  9. #29
    Master Member Okane's Avatar
    Very nice!
    I like that you actually took the time to understand the indicator and didn't just inserted it and
    waited for the millions to come raining lol.
    Good job! Other beginners could learn from this.
    Are you starting to grasp divergence and convergence of RSI on different timeframes too?
    For eaxmple, sometimes you will see RSI being WAAAAY overbought on all timeframes M1, M5, M15, M30, H1, H4
    and you see price is just touching a very strong resistance. That's convergence.

    Then sometimes you see a touch on for example a resistance and price gets dumped down and
    you will see divergence. For example Oscillator being oversold at one or a few TF's while still
    OB at others.

    Two examples of such trades using this divergence (and other analysis of course) are the
    ones I showed in the latest video on USDJPY.

    I can post them here

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    You can check the same area on other TF's and you will see mostly everything was overbought.
    M15 was near 80 but not at it and actually the lines just crossing and moving up again while M5
    was almost oversold at the first entry and almost oversold again at the second entry.
    Remember this doesn't mean you should jump into a trade just because of a divergence but
    in this case I had my support line and a trendline and also my target + knowing USDJPY was bullish during the time.

    You can check the same scenario with RSI too
    OptionHeimer: I am become debt, destroyer of accounts!

  10. #30
    Senior Member Annovdbos's Avatar
    I'm sorry I'm replying a bit late. I took a couple days off trading because I was busy doing stuff for school.. But today I was free from school, so I decided to spend the day trading today. I'm still practicing a lot with RSI as it is a nice help to confirm touches of support and resistance lines I've drawn. I've had a few losses too, but that was mostly because I related on the RSI only and not on price action, which was a terrible mistake.. But now I am getting to understand the RSI more and more, so that's good, I'm still not confident enough to trade with real money tough.

    I still find it hard to recognize divergence and convergence, but I'll stay practicing with it until I get a hold of it . I'll watch your video about this trade, because I can't find the same pattern you posted on my chart on Metatrader. I think it's because we have different timezones? The pattern I have on USDJPY on those times at september 9th is this:

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    I can't find your entries on my chart of the USDJPY on MT 4, so it's hard to find them on different timeframes too. But I get your point I think. I believe what you're saying is: on the 15m timeframe the stoch is overbought and on the 5m it's oversold, which means the next 10/15 minutes the 5m will reach for being overbought too? Which means you probably should take a call option with like 15m expiry? Or am I seeing this wrong?

    Anyway, as I said I will keep practicing. I also made two winning trades on NZD/USD today using also RSI and trendlines and S/R lines.

    Click image for larger version.

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    The RSI touched the trendline I drew on both trades. I knew the trendline on the RSI was pretty strong, because it had been purposed as resistance a couple times earlier. Also the trend was going up, I knew that because the price diverged into an uptrend creating higher lows (see the white uptrend line). So both times the moment the price got stuck on my support line and found support on that line as well, I made the trade. I took both trades with a 30m expiry and they both ended in the money!

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