Hi guys,

I trust you all made some serious pips since we last spoke! The method performed extremely well for me.

Often one sees people asking for help in a "sideways" market - in short non-trending and especially the Newbies get burnt badly.

I read a trader called "Canadian Dud's" ( I kid you not )Thread in which he describes his M1-scalping idea. As I do not scalp, I was reluctant to carry on reading but I read his first Post to find that he is using the RSi-14 and then it got my attention. He states that the 50-line crosses generates too many false signals (AS you know, I use 2/4 and 8, but never 14 because it is too slow firstly and secondly too difficult to "read")

So here is what I did: I took the RSi-14 and added the normal levels to it, except that I replaced the 50-level with 55 and 45 so as to form a "channel" and then went back on the M5-chart to see how many "false entries" it generated and I found a few too many to my liking.

So I changed the channel to 56 and 44 and "BINGO" we were home and dry.

I then dropped the RSi-14-DOTS over the first indicator, so that I can see each and every candle's position and changed the level colours to TEAL (here you will see Aqua for better visual effect) and added in between the "channel" levels every 2 points away, i.e. levels 45; 47; 49; 51; 53; 55. These then colour the "channel" and as long as the RSi-14 stays inside this channel, you do not take a trade. Simple as that.

I also came across the Jurik inspired RSI, called the J_RSX. What a gem!! I have tested both the histogram and line versions and am displaying them here for your perusal and comments.

I marked the entries from this morning for your perusal. Note the short entry where the CCi-5 overheated!! Clearly no entry (as you should know by now) and the very next WHITE candle was the entry in spite of the RSi-14 that pulled back, for ±40 pips.

Best wishes.

Attached Images

rsi-14 set-up.gif (51.5 KB, 360 views)

__________________
"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.

I dont quite understand the entries seems the first one was false no?

The first entry was 05h45, right? Just follow the vertical line I drew there. I banked +64 pips on that run. What is it that you do not "see" or understand?

Best wishes.

__________________
"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.

Sorry I meant at 8:50 there was a wrong signal... Is this 1 min timeframe?
So does the dot have to go over 56 and the rsi indicator over that has to be green to buy? Thats what I dont understand...

This is Canadian_Dud by the way

I FINALLY GET IT your overheated candle kept you out of the trade!

Very nice setup Valeo !

Yes for me too, the method is working beautifully. With crisis, we have what traders like : BOOBS (whoops) and VOLATILITY.

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Picasso is the best !

ValeoFX

God bless your kindness.

Your new method seems to work great as I come back to your thread after at least a year ago.

Patience to trade only perfect signals was my problem. After doing some closed chart analysis its clear from what I understand so far that this new 5m method is easier to see an entry just using the indicators.

It appears there is a minimum of 15 pips on every 5m signal. Learning to use the ema's and support and resistance in combination with the indicators will make much more.

I have alot to learn, and admit to have drifted throughout the forex community trying to discover myself. Trading has humbled me over the last 2 1/2 years as I "fail my way to success".

Will be following this thread closely as your work is generously shared for traders like me. I've already read the entire thread 3 times over the last week.

Thank you for all you are doing to help us.

Steve

You echo a lot of my feelings toward ValeoFX stevewide.

And after reading over the thread again I feel kind of stupid for having recommended that "Hercs" start a thread over at Forex Factory where he's posted.

Its obvious that Valeo isn't into this for a big following.

??...

Valeo, are you Herc?

You are most welcome, Steve. Thank you for giving this method another shot, you won't regret it.

Best wishes.

__________________
"Risk comes from not knowing what you are doing" The Tao of Warren Buffett.

"Avoiding mistakes, makes people STUPID and having to be RIGHT, makes you OBSOLETE." Robert Kiyosaki.