Topic: Any way of buying based on RSI and other indicators? (Read 2550 times)
we are probably going to $1000 before significant correction at all.
I want to know if any exchange has easy to access indicator data (instead of you getting boatloads of historical data and calculating yourself) or if a cheap robot service exists.
I want to get a warning, or do it fully automated, to buy BTC when certain indicators are at certain levels. This is not for fully bot trade, it is just to buy at times I think are advantageous, for long term holding.
I want to get a warning, or do it fully automated, to buy BTC when certain indicators are at certain levels. This is not for fully bot trade, it is just to buy at times I think are advantageous, for long term holding.
Have a look https://bitcointalksearch.org/topic/cloud-based-automated-trading-service-for-bitstampbtc-ecexiokrakenbitfinex-324871 probably this is what you are looking for. Cryptotrader provides support of 130 trading indicators such as RSI,MACD,etc and fully hosted solution for both simulated and automated trading for just $15 / month.
well, RSI says we are still far from bubble territory this time around.
Just curious, what RSI perimeters are you using? The StochRSI on bitcoinwisdom.com running default perimeters on one day intervals shows that we were overbought on November 8, though it's come down a bit since then. The 1 hour interval was showing we were consistently overbought yesterday as well. I've found that RSI isn't a very good indicator for the bitcoin market, since it's still so thinly traded, unless I'm missing something.
I don't look at hourly or even daily RSI, that's crap for me (might be good for daytraders). I only look at weekly RSI, for medium term speculation, or monthly RSI for extremely long term speculation.
It's a little more than 70 on weekly, and barely 70 on monthly. The previous bubbles had both touched 100 on both, and maintained at that level for at least 2-3 days.
475 broke this bull is relentless
well, RSI says we are still far from bubble territory this time around.
Just curious, what RSI perimeters are you using? The StochRSI on bitcoinwisdom.com running default perimeters on one day intervals shows that we were overbought on November 8, though it's come down a bit since then. The 1 hour interval was showing we were consistently overbought yesterday as well. I've found that RSI isn't a very good indicator for the bitcoin market, since it's still so thinly traded, unless I'm missing something.
I don't look at hourly or even daily RSI, that's crap for me (might be good for daytraders). I only look at weekly RSI, for medium term speculation, or monthly RSI for extremely long term speculation.
It's a little more than 70 on weekly, and barely 70 on monthly. The previous bubbles had both touched 100 on both, and maintained at that level for at least 2-3 days.
Volume is king IMO. In a bull market large sell-offs will have mild effect and vice-versa. Look at the 2 month chart. There were 3 huge sell-offs that trumped the green candles by considerable degree and the market went higher. Indicators are basically "of the past", and bitcoin is infantile, so market forces can change quickly, reducing them to nothing but tea-leaves in the wind. That said, if enough people make decisions based on these indicators, and they do, it creates a self-fulfilling "reality", until it doesn't.
Using a general indicator telling you os or ob conditions are based on pshycology and nothing more. It adds extra predictability if many ppl use the same indicator which we know
people dont yet for bitcoin... however rsi is still mildly valuable for purposes of finding climaxes of pressure within the herd especially as leveraged trading begins.
Volume is king IMO. In a bull market large sell-offs will have mild effect and vice-versa. Look at the 2 month chart. There were 3 huge sell-offs that trumped the green candles by considerable degree and the market went higher. Indicators are basically "of the past", and bitcoin is infantile, so market forces can change quickly, reducing them to nothing but tea-leaves in the wind. That said, if enough people make decisions based on these indicators, and they do, it creates a self-fulfilling "reality", until it doesn't.
In case you missed it, you buy when RSI is oversold and SMA is below the BB, Sell when it's overbought and SMA is above the BB.
I don't think this works on the daily scale but a few minutes to hours might,
I don't think this works on the daily scale but a few minutes to hours might,
U dont wanna catch a falling knife best to do this and wait for a higher high then get in on a retest
Op, use mt4 its the best charting platform period.. just trade manually and set an alert when your conditions are met. Its trivial to make an automated startegy tht will alert you via email once a setup is found. U code via mql it takes a few mins to get the hang of it.
Can I use mt4 (what is mt4?) to send me e-mail alert that I must do a manual trade because my indicator targets are met?
You don't want to trade with an mt4 broker but you probably want to use it as a charting platform. There are too many broker tricks available with mt4 to shake you out of your money thus only use it for charting.... and its the best charting tool bar none.. nothing else even comes close.
Your anwser only confused me more.
Again, can it do what I asked? (is that one of its broker services thing?)
And what is mt4?
Meta Trader 4
I don't know if it will do what you asked, but Sierrachart is just as good and you can set audible alerts.
well, RSI says we are still far from bubble territory this time around.
Just curious, what RSI perimeters are you using? The StochRSI on bitcoinwisdom.com running default perimeters on one day intervals shows that we were overbought on November 8, though it's come down a bit since then. The 1 hour interval was showing we were consistently overbought yesterday as well. I've found that RSI isn't a very good indicator for the bitcoin market, since it's still so thinly traded, unless I'm missing something.
I don't look at hourly or even daily RSI, that's crap for me (might be good for daytraders). I only look at weekly RSI, for medium term speculation, or monthly RSI for extremely long term speculation.
well, RSI says we are still far from bubble territory this time around.
Just curious, what RSI perimeters are you using? The StochRSI on bitcoinwisdom.com running default perimeters on one day intervals shows that we were overbought on November 8, though it's come down a bit since then. The 1 hour interval was showing we were consistently overbought yesterday as well. I've found that RSI isn't a very good indicator for the bitcoin market, since it's still so thinly traded, unless I'm missing something.
I don't look at hourly or even daily RSI, that's crap for me (might be good for daytraders). I only look at weekly RSI, for medium term speculation, or monthly RSI for extremely long term speculation.
Not sure if people are misreading the RSI, but the RSA does indicate we're in overbought territory right now. Note that that doesn't mean a huge amount, since we doubled about 3 times in overbought territory for the April bubble , but whatever.
rsi is overbought at 70 using standard readings. but in a strong rally, we can remain overbought for long periods. some analysts assert than > 90 is "truly" overbought.Yea I like using 90 in a trending market to find the profit target, but the exit is usually the hardest part of trading. I like to wait for the 90, then wait for a lower low and a retest of the high to get out, if the retest doesn't come then wait it out as a bigger breakout is to come. (April 2013 high didn't give a retest and now we had a stronger break out)
Not sure if people are misreading the RSI, but the RSA does indicate we're in overbought territory right now. Note that that doesn't mean a huge amount, since we doubled about 3 times in overbought territory for the April bubble , but whatever.
rsi is overbought at 70 using standard readings. but in a strong rally, we can remain overbought for long periods. some analysts assert than > 90 is "truly" overbought. U dont wanna catch a falling knife best to do this and wait for a higher high then get in on a retest
That's even more risky and less profitable.
Then by extension you are saying your own strategy is even more risky than what I said and less profitable. Generally once OS, a higher high tells us trend is broken. Retest = risk/reward situation. Maybe you didn't understand.
I do understand, why I am saying it's more risky is you get into the unprofitable territory much sooner on a bad trade.
How so? You said to buy when MA is under BB and RSI is OS or under 30.. that is a falling knife situation. So its more risky to buy there than wait for MA < BB, RSI < 30, wait for breakout + retest. Your stoploss is under the low and your profit target is the swing high, much better risk:reward.
OP asked for a tip on how to use RSI, I gave him one.
I didn't recommend a stoploss strategy, read carefully. I'm not giving you a complete trading system which works as it is in the current situation. That obviously needs tweaking and backtesting.
IF you think you know better do it, but I do consider it off topic.
Yes and through my experience I gave YOU and HIM a tip that what you suggested is dangerous. To tell someone that you should buy when theres a falling knife and then saying to someone that by waiting for a breakout + retest your more prone to get into negative +ve your essentially saying the same thing. In any trade you MUST assess risk, that is an exit or stoploss. When you buy into a falling knife you can't assess risk and in the long term you may be left holding the bag. But to each his own I guess. That is not an entire system, but a general practice that is probably used be most professional traders who like to swing trade as well as those who like to "follow the trend".
U dont wanna catch a falling knife best to do this and wait for a higher high then get in on a retest
That's even more risky and less profitable.
Then by extension you are saying your own strategy is even more risky than what I said and less profitable. Generally once OS, a higher high tells us trend is broken. Retest = risk/reward situation. Maybe you didn't understand.
I do understand, why I am saying it's more risky is you get into the unprofitable territory much sooner on a bad trade.
How so? You said to buy when MA is under BB and RSI is OS or under 30.. that is a falling knife situation. So its more risky to buy there than wait for MA < BB, RSI < 30, wait for breakout + retest. Your stoploss is under the low and your profit target is the swing high, much better risk:reward.
OP asked for a tip on how to use RSI, I gave him one.
I didn't recommend a stoploss strategy, read carefully. I'm not giving you a complete trading system which works as it is in the current situation. That obviously needs tweaking and backtesting.
IF you think you know better do it, but I do consider it off topic.
U dont wanna catch a falling knife best to do this and wait for a higher high then get in on a retest
That's even more risky and less profitable.
Then by extension you are saying your own strategy is even more risky than what I said and less profitable. Generally once OS, a higher high tells us trend is broken. Retest = risk/reward situation. Maybe you didn't understand.
I do understand, why I am saying it's more risky is you get into the unprofitable territory much sooner on a bad trade.
How so? You said to buy when MA is under BB and RSI is OS or under 30.. that is a falling knife situation. So its more risky to buy there than wait for MA < BB, RSI < 30, wait for breakout + retest. Your stoploss is under the low and your profit target is the swing high, much better risk:reward.
U dont wanna catch a falling knife best to do this and wait for a higher high then get in on a retest
That's even more risky and less profitable.
Then by extension you are saying your own strategy is even more risky than what I said and less profitable. Generally once OS, a higher high tells us trend is broken. Retest = risk/reward situation. Maybe you didn't understand.
I do understand, why I am saying it's more risky is you get into the unprofitable territory much sooner on a bad trade.
Not sure if people are misreading the RSI, but the RSA does indicate we're in overbought territory right now. Note that that doesn't mean a huge amount, since we doubled about 3 times in overbought territory for the April bubble , but whatever.
In case you missed it, you buy when RSI is oversold and SMA is below the BB, Sell when it's overbought and SMA is above the BB.
I don't think this works on the daily scale but a few minutes to hours might,
I don't think this works on the daily scale but a few minutes to hours might,
U dont wanna catch a falling knife best to do this and wait for a higher high then get in on a retest
Op, use mt4 its the best charting platform period.. just trade manually and set an alert when your conditions are met. Its trivial to make an automated startegy tht will alert you via email once a setup is found. U code via mql it takes a few mins to get the hang of it.
Can I use mt4 (what is mt4?) to send me e-mail alert that I must do a manual trade because my indicator targets are met?
You don't want to trade with an mt4 broker but you probably want to use it as a charting platform. There are too many broker tricks available with mt4 to shake you out of your money thus only use it for charting.... and its the best charting tool bar none.. nothing else even comes close.
Your anwser only confused me more.
Again, can it do what I asked? (is that one of its broker services thing?)
And what is mt4?
In case you missed it, you buy when RSI is oversold and SMA is below the BB, Sell when it's overbought and SMA is above the BB.
I don't think this works on the daily scale but a few minutes to hours might,
I don't think this works on the daily scale but a few minutes to hours might,
U dont wanna catch a falling knife best to do this and wait for a higher high then get in on a retest
Op, use mt4 its the best charting platform period.. just trade manually and set an alert when your conditions are met. Its trivial to make an automated startegy tht will alert you via email once a setup is found. U code via mql it takes a few mins to get the hang of it.
Can I use mt4 (what is mt4?) to send me e-mail alert that I must do a manual trade because my indicator targets are met?
You don't want to trade with an mt4 broker but you probably want to use it as a charting platform. There are too many broker tricks available with mt4 to shake you out of your money thus only use it for charting.... and its the best charting tool bar none.. nothing else even comes close.
U dont wanna catch a falling knife best to do this and wait for a higher high then get in on a retest
That's even more risky and less profitable.
Then by extension you are saying your own strategy is even more risky than what I said and less profitable. Generally once OS, a higher high tells us trend is broken. Retest = risk/reward situation. Maybe you didn't understand.
I want to know if any exchange has easy to access indicator data (instead of you getting boatloads of historical data and calculating yourself) or if a cheap robot service exists.
I want to get a warning, or do it fully automated, to buy BTC when certain indicators are at certain levels. This is not for fully bot trade, it is just to buy at times I think are advantageous, for long term holding.
I want to get a warning, or do it fully automated, to buy BTC when certain indicators are at certain levels. This is not for fully bot trade, it is just to buy at times I think are advantageous, for long term holding.
Not an exchange or a bot here, but do send out twitter updates when StochRSI goes into oversold region (< 20). See link in signature. Last update was Saturday evening when StochRSI went below 20 for about an hour and price was right at $300 on MtGox.
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