Topic: The Technical Indicator that Matters! - page 2. (Read 3373 times)

If you made profit as you say then you didn't play poorly.

Surely it's the sum of your trades that counts, not the result of a single trade out of dozens?

                     100
RSI = 100 - --------
                    1 + RS

RS = Average Gain / Average Loss


First Average Gain = Sum of Gains over the past 14 periods / 14
First Average Loss = Sum of Losses over the past 14 periods / 14

from then on

Average Gain = [(previous Average Gain) x 13 + current Gain] / 14
Average Loss = [(previous Average Loss) x 13 + current Loss] / 14

I played my hand very poorly here.

But you Piramida have no right to criticise anyone.

Had I listened to you a coupple of weeks back, I would be reduced to giving out hand-jobs in the gents toilets.

You are one of the biggest plonkers on this whole board:

"If you sell now at $1000, be prepared to buy back in at $1300" Piramida circa Dec 5 2013

But I never listened to you (or the majority of your fellow plonkers who keep making same sounds regardless of what is happening in reality), I listened to me and I am still heavily in profit for my one single month of trading in Bitcoin, instead of having realised a heavy loss, as you would have had me do.

lol...FU..retard.

With all that said, RSI on weekly chart is still reaching towards the floor. When/if it gets there, and if when it starts dragging along the bottom, then surely those will represent pretty good buy-in opportunities...depending on what other charts are saying.

Do I believe that we will see new lows.....After the slapping I have taken off the market, I have no sensible alternative but to admit I know nothing.

But am I buying in at this point?

Am I fuck!

What is RSI?

Firstly, I don't think you really understand markets. Technicals mean JACK SHIT! Ask yourself what a technical indicator really is. What is it? Seriously. It is a mathematical derivative of the relationship between price over time, and some indicators use volume too. An indicator indicates something. nothing more, nothing less. It has been derived from the price (over time). It doesn't mean anything. The price can do anything at any time, whether the stochastics indicate "over-bought" or "over-sold". Same for bollys, MAs, and whatever else bullshit indicator you want to use. It means NOTHING! Why is this? The market participants are human, and they react to events and the actions of other humans. These events are unpredictable, so why the hell use an indicator?

Regarding bitcoin, it's a market governed mostly by emotion with a significant chinese emotional contribution. How on earth you can derive meaning from that from a technical indicator I DON'T KNOW! You really need to do some soul searching and admit to yourself that you know nothing, like the wise old Socrates did in Athens.

You will probably ignore this advice but I don't give a shit, hopefully someone will get it.

At least you sold when the market went against you, albeit just a whipsaw.  Many traders don't have the guts to do that.

Yeah it's a lagging indicator, it's only really useful in divergences, and even that is a probability thing.

I agree that RSI(?) is a very useful indicator.

IMO, RSI(?) gauges the mood of the market more than anything,
and it is generally a good indicator for buy-ins,
but will not use it as indicator for sell-outs (especially for bitcoins)

Comparing RSI to the price development in April on that chart you posted, you'll notice that by the time there was a significant dip on RSI, the crash had already happened and the market didn't slide down much any more. I'm not sure that's very useful data.

I was talking about Mat being emotionally charged, not you keke

No, everyone can't be right. You are wrong, for example.

yeah I know exactly how you feel but everyone is right, you are obviously emotionally charged about the situation and perhaps placing too much emphasis on feeling like a 'winner' etc

Mat, you suck at trading, admit it and move on. Too emotionally involved, can't think with a calm head, will lose all eventually. /thread

My top tip for wealth preservation... don't sell at a loss...

In a thread asking for predictions I made my first 'call' in a long time.... I'm not in the business of making wild claims.


Today I'm right. Only time will tell if I'm wrong.

I've been buying and spending BTC for years, I see the value, I'm not just here as a pure speculator as you are. I'm in the process of launching a bitcoin related business and will have invested a fair chunk of £ doing so. It's a gamble, so not much different to your trading, the difference is I'm betting on the technology and fundamental value rather than simple fact that it may go UP.

So forgive me if I get a bit aggravated at the newbs that come along having only just heard about Bitcoin getting butthurt because they see it fall from $1200-600 and then start making wild claims just stirring up the FUD. You've made a great point to tell everyone that you are out in every thread, what is the point? At this stage you just look like a fool who took a hit and is crying about it. If you are £5k up I see that as a great positive, you would be better served remembering that fact instead of pandering to your fears and trying to spread it around.

$200? Can't see that happening unless there is a cataclysmic bitcoin event like MTGOX getting hacked or some technical issue with the blockchain etc..  Bitcoin still has a long way to go, personally I think the U.S may just blow the next bubble. Coinbase took $25m in VC funding, the mood in the U.S seems to be quietly positive, these big bubbles hurt the perception but in 6 months we may have forgotten all about yesterday.

Sure thing, Rip Van Winkle.

You really can't afford to speak.

If I am not mistaken, you are on of those who have been calling bottom all the way down from $900. Are you not embarrassed to even post here?

My calls on the otherhand have been impeccable in terms of forecasting future direction, both on the way up from $400 when I first decided to pile funds into bitcoin and also on the way down from $1150 as I grew increasingly convinced a correction was coming. Sure some of my market timing has been a bit off, such as my very last trade, but overall I am a happy camper. I am ~ 5K GBP richer than I would be had I just stood and watched from the sidelines (as I did April 2013). A pittance to the profits I could have had, had I bit the bullet earlier, but hey, that is life as a Johnny Come Lately for you.

You on the otherhand, if you have been following your own advice, must be down a fkn powder keg by now. Afterall, the 5K GBP that I have must have come out of someone's pocket, perhaps it was yours?


As I have stated many times. I hate losing far more than I like winning.

I held my nerve to ride bounce from low $400s, but nasty pennant was forming at sub $500, and looking at every previous example of such a pennant since dive down from $800s gave me all the indications i needed, so I sold and swallowed the loss, in order to perform my #1 trading duty, to preserve my wealth. So happened that this pennant bucked the trend and the price broke instead of down.

Price is now $550 (Bitstamp), although I am still well in profit, I am indeed butt-hurt and have little appetite for day-trading Bitcoin in this environment and I imagine that my sentiment is reflecting that of the majority right now.Lets face it, no matter who you are, if you were 'in' bitcoin, you just lost big. I will now take a backseat and watch how Bitcoin handles China. I will most likely buy back in at some point with a view to holding for the long term, but with the China thing yet to play out, and the charts in the condition that they are in, that time certainly will not be right now, tomorrow, or the day after that.

Wake me up when we go below $200, then I might start scrutinising the charts more closely once again.

P.S. With the talent at Dundee United's disposal at the moment, I would suggest that Dundee United would be a good investment, or as good an investment as any football club can be.

Sorry to keep posting but I have to ask, did you really need the money back straight away? Because I think $500 is the real fair price for Bitcoin outside speculation (despite believing it would trade sideways at $700 for a couple of weeks due to speculation). I feel certain that in a few months $500 will seem cheap again.

Sorry. Just joking about Dundee United 

But seriously, just wait a few more days and then invest a bit for the "long" term (one year). Fuck day trading. Then no stress and I think a very good chance to make superb returns on Bitcoin.