what rsi setting is best ?

HaloTrader

Established member
615 55
How is what I said negative?:rolleyes::rolleyes::rolleyes:
Well for example if someone has been developing an indicator system and working hard on it and then they see someone like you with lots of stars say to turn them off.... Its not very constructive for them.

Its just negative.
 

danpayne

Member
53 1
Price is the primary indicator, all others must be derivatives from price against time. so decide market mode and your entry/exit TA from price alone. MAs can help confirm trend, but if trend wasn't that clear without an MA to help, it probably isn't there yet.

RSI and a few other indicators can help verify turning points e.g. when you see them diverging from price trend, or when indicators reach an extreme value. These events cannot be used as entry signals (well, they can, but not with consistent profitability) but can suggest how you might size your position to limit risk, or possible stop-loss distances, that sort of thing.

The value of RSI is a bit of a blind alley. Find one, stick with it, make sure it did actually reflect market behaviour and extreme market points. 20 is commonly used and pretty good for swing trading.

e.g. See 20RSI for the FTSE100 09/03, a significant low in the market, but porice alone didn't tell us that. 20RSI was at 21.052, its lowest level for over 2 years. From my Sharescope charts back to January 1994, this indicator has only been lower than that during 4 other episodes in 15 years - 1 day in May 2006, 3 in January 2003, 2 in June 2002, and 8 in September-October 1994. 5 episodes in 15 years (and, neatly, a total of 15 days) so this is on average a once-every-three-years event. Clearly, a significant point had been reached, and price rose 25% from there. Whatever indicator you use, if it didn't show that date as significant, change it.
Thanks for input always appreciated.:cheesy: Have been using 20 day but noticwd that on yahoofinance for example there rsi setting looked easier and clearer than mine draw back with that is its on a 20 min delay and after emailing them several times they never did e mail me there settings ,I use sharescope . Any way think Im on the right track with info people have shared with me
 

new_trader

Legendary member
6,232 1,285
Well for example if someone has been developing an indicator system and working hard on it and then they see someone like you with lots of stars say to turn them off.... Its not very constructive for them.

Its just negative.
Boo hoo.:rolleyes::rolleyes:
 

anley

Senior member
2,730 229
The best settings are probably the ones people don't use.

Or use the settings that everyone uses but use the RSI in reverse. Spotting and trading technical failures is one of the less hard ways to make good money in this game. But you first have to be an expert in said indicator and that will probably take 6-12 months minimum. And how to be an expert, just keep watching it, ie it can't be done via looking at back data.
 
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HaloTrader

Established member
615 55
I don't know, you work it out or get Halo Trader to explain it to you.

UNSUBSCRIBED!
Heres an explanation are requested.

Basically - New Trader, you'll see him around being sarcastic and glowing of failure.

He failed for many years at trading so hes bitter about it. He couldn't even make money using indicators rofl - hes that much of a fail. Therefore he walks around telling everyone they'll fail through a jealous rage when he sees potential success.

To conclude, indicators are fine unless your a failure in which case you'll fail at everything anyway.
 

forker

Senior member
2,688 500
Well for example if someone has been developing an indicator system and working hard on it and then they see someone like you with lots of stars say to turn them off.... Its not very constructive for them.

Its just negative.
reputation on this board is more of a catwalk showing off how many buddies you have than anything else. if people new to trading believes someone posting something who has plenty of stars on his name means he knows what he is talking about would be better off listening to a monkey fart. i have given up with giving out reputation simply because i have seen plenty of names on here with tons of stars on their names handing out reputation to "pals" on posts that have nothing to do with trading at all. there might have been a time when it carried meaning but not anymore.
 

danpayne

Member
53 1
I don't know, you work it out or get Halo Trader to explain it to you.

UNSUBSCRIBED!
I thought as you made the statement you would be the one best answer it, oh well never mind,, any way here is an example of how can work for you if you leave it "ON"... :!:
 

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danpayne

Member
53 1
Heres an explanation are requested.

Basically - New Trader, you'll see him around being sarcastic and glowing of failure.

He failed for many years at trading so hes bitter about it. He couldn't even make money using indicators rofl - hes that much of a fail. Therefore he walks around telling everyone they'll fail through a jealous rage when he sees potential success.

To conclude, indicators are fine unless your a failure in which case you'll fail at everything anyway.[/QUOTE

(y)
 

rawrschach

Experienced member
1,223 277
Typical case of him reading only the first half of a sentence before going off on a tangential diatribe.
 

Rossini

Established member
916 132
Heres an explanation are requested.

Basically - New Trader, you'll see him around being sarcastic and glowing of failure.

He failed for many years at trading so hes bitter about it. He couldn't even make money using indicators rofl - hes that much of a fail. Therefore he walks around telling everyone they'll fail through a jealous rage when he sees potential success.

To conclude, indicators are fine unless your a failure in which case you'll fail at everything anyway.
So true, good post.
 

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