StockFetcher Forums · Filter Exchange · Need an RSI(2) filter for swing trading<< >>Post Follow-up
duggils
2 posts
msg #58386
Ignore duggils
12/21/2007 12:38:37 PM

TRO or anyone else-
I am an active trader but not a day trader. I am fairly new to this site and have been reading a lot about RSI(2).
Could you please help me build THE BEST bottom fishing filter based on RSI(2) for swing trading the long side. What other indicators should be added to an RSI(2) based filter to narrow the list and improve performance. I have searched these forums but haven't been able find what I like.

Thanks in advance for your help.

joerollo
6 posts
msg #58387
Ignore joerollo
12/21/2007 1:15:03 PM

I am fairly new (but have had a couple very good months with this). Try adding trading above 200 day moving average into the mix, it helps alot. I also run one with above 50 & 200 and it is even better (although less ideas).

Still trying to make it better with an exit strategy so I am very interested in this thread.





duggils
2 posts
msg #58389
Ignore duggils
12/21/2007 1:27:20 PM

joerollo-

What is your rest of the selection criteria? RSI(2) below certain level? Anything else beside "trading above 200dma" ?

Are you a swing/intermediate trader?

joerollo
6 posts
msg #58390
Ignore joerollo
modified
12/21/2007 2:13:39 PM

I am reluctant to post as I am relatively new to "swing trading" and trying to fine tune my process. I appreciate everyones posts here.

I am trading long as RS(2) gets between 0.5 and 2.5. I don't have an exit strategy yet, but in my mind I wait for RS(2) to approach 75 and pull the trigger when I feel it is right (I REALLY NEED TO HAVE A BETTER PLAN FOR EXIT). I shoot to hold stock 3-6 days as this seems the sweet spot for ROI.

I also only trade stock over $10 and a PE between 5-50 (I guess I can not completely get 100% away from fundamentals, maybe it is for comfort.) and average volume > 30,000 (although I like higher volumes better).

Also trading above the 200 day moving average (or some other one you see fit) seems very important in my backtesting.

I have a few trades that didn't work and would like to study them to see if there is a pattern for some other criteria to add.



welliott111
98 posts
msg #58394
Ignore welliott111
12/21/2007 3:53:03 PM

http://forums.stockfetcher.com/sfforums/?q=view&tid=29221&start=0

Copy/Paste the above address and read the whole thread, lots of info.

joerollo
6 posts
msg #58398
Ignore joerollo
12/21/2007 4:20:55 PM

Awesome thread, thanks for pulling up the CLASSIC!

TheRumpledOne
6,359 posts
msg #58408
Ignore TheRumpledOne
modified
12/21/2007 9:42:08 PM

Fetcher[
/* BOTTOM FINDER - RSI 2 */

set{A0, count(rsi(2) equal rsi(2) 5 day low, 1)}
set{A1, count(rsi(2) equal rsi(2) 13 day low, 1)}
set{A2, count(rsi(2) equal rsi(2) 26 day low, 1)}
set{A3, count(rsi(2) equal rsi(2) 50 day low, 1)}
set{A4, count(rsi(2) equal rsi(2) 200 day low, 1)}


set{rr1,5 * a0}
set{rr2,8 * a1} /* 8 = 13 - 5 */
set{rr3,13 * a2} /* 13 = 26 - 13 */
set{rr4,24 * a3} /* 24 = 50 - 26 */
set{rr5,150 * a4} /* 150 = 200 - 50 */
set{rra,rr1 + rr2}
set{rrb,rra + rr3}
set{rrc,rrb + rr4}
set{rr,rrc + rr5}

set{ma50, count( close above ma(50), 1) }
set{ma200, count( close above ma(200), 1) }

rr above 0

and add column rr
and add column ma50
and add column ma200

and add column rsi(2) 5 day low
and add column rsi(2) 13 day low
and add column rsi(2) 26 day low
and add column rsi(2) 50 day low
and add column rsi(2) 200 day low

draw ma(50)
draw ma(200)

/* SELECTION CRITERIA */

MARKET IS NASDAQ 100

sort column 5 descending
]




Column rr tells you if it is a 5, 13, 26, 50 or 200 day lowest rsi(2).

Column ma50 = 1 when close above ma(50)

Column ma200 = 1 when close above ma(200)

You don't need any other indicators.



TheRumpledOne
6,359 posts
msg #62666
Ignore TheRumpledOne
5/15/2008 6:42:08 PM

pop

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