StockFetcher Forums · Filter Exchange · Problems with RSI(2) and day trading<< >>Post Follow-up
92 posts
msg #44058
Ignore clam61
5/22/2006 9:33:25 PM


First of all I want to say thanks for helping everyone with using RSI(2) and Linear Regression.

Here are some questions I have

Day trading:

Today I watched TIDE and AAPL using a 60 minute chart with a 5 minute interval.

I noticed that RSI(2) < 1 does not always show a bottom, i.e. it can continue to drop.

I'm sure you are aware of this, but what other signal do you look for to make sure the bottom is absolute? Looking at support can help, but that seems to work w/o the use of RSI(2)

1 posts
msg #44075
Ignore HibbCap
5/22/2006 11:03:14 PM

I use a RSI(2) on a 5 minute chart and a rsi(5) on a 1 minute chart when I "Daytrading or scalping". I wait for the 1 minute charts RSI to touch below 1 then go above 20 while the 5 minute RSI is still below 10.

Does that make sense? It still depends on how I feel about that stock, sector and the overall market when I'm daytrading it.

92 posts
msg #44077
Ignore clam61
5/23/2006 2:17:23 AM

yeah that makes sense

what real time service do you use?

124 posts
msg #44078
Ignore heyen
5/23/2006 6:10:48 AM

Have you tried Stochastics? I understand the trend better with a 5 period stochastics on 1 min and 5/30/60 min. Going long on a 1 min X+ doesnt make sense, when the 5 min stoch is hard core bearish.

Albeit the combination of both seems to be excellent.

Check out TRO's posts on confirming signals / conflicting signals!

6,362 posts
msg #44084
Ignore TheRumpledOne
5/23/2006 10:13:48 AM


If you are using RSI(2) < 1 on a 60 minute chart... wait for the candle to CLOSE BEFORE you enter the trade.

Then wait for the price to cross above either the bottom or the midpoint of the previous candle. That should keep you out of the red!


92 posts
msg #44111
Ignore clam61
5/23/2006 10:08:59 PM


When you say "5 period stochastics on 1 min and 5/30/60 min", are you saying that you use a 1, 5, 30, or 60 minute interval chart?

124 posts
msg #44130
Ignore heyen
5/24/2006 8:29:51 AM

Yes, i use a 1 min OHLC in combination with a 5 min candlestick.
I sometime switch to 15 min depending on market speed and current trading range.

I take the current market movement and look for entries using stochastics.
%K(5,5) and %D(5,6,6) worked pretty well for me on 5 & 15 min.

Chart length is whatever i can afford on my desktop, the more the better.

But i'm not an ole pro (less than 1 year)... so maybe there are some others that can suggest other productive setups.

Im flirting with the emini right now.

37 posts
msg #44132
Ignore Way2Late
5/24/2006 8:58:01 AM

I used MACD 6,12,8 and wait for the slope to change direction, also a very powerful indication when both RSI(2) and MACD have a divergence from price. Always wait for the end of the period and make sure the slope of the line has turned up (for longs) or down (for shorts)

124 posts
msg #44149
Ignore heyen
5/24/2006 5:10:37 PM

Yes, your MACD setting looks good on a 1 min.

92 posts
msg #44191
Ignore clam61
5/26/2006 12:20:00 AM


do you use rsi(2) with a 1 minute period chart? this is way too volatile, isnt it?

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