The RSI revisited

[Triplepack]

hi Chartist,

I agree, however if the desired analysis is for crossovers of
70 and 30 levels it may give a much clearer indication for that use.
If an ema would be put upon it ,it may behave like Stochs.,

I wonder, do you use rsi in FX or indices/stocks.
I've recently been looking at FX for the rsi and mdrp's and
for signals for ongoing trend it appears to be very effective I would assume as it is generally a longer trending environment than indices and individual stocks.
Just been following a small mdrp in the dow today , but it failed ....
Have you read any of Andrew Cardwells courses or John Haydens'
books ?

Triplepack

[Triplepack]

Just thought regarding ur comment on programming for rsi, I dont know if youve checked out John Haydens website he has done a joint venture Ithink with a company offering a package and they have an easy language file for mdrp and probably other aspects.
There is also Andrews website Strategem1 which also sells software I dont know if that is specific for Rsi but worth a look .
I looked on tradestation but could only find stuf regarding super pivots I think these are ob/os and a smoothing study.

Hope there's something in those bits and bobs.

Cheers

Triplepack

[chartist2004]

Hi Triplepack,

I have John Hayden's book. I was not looking at programming the MDRP's which Hayden sells through a web site. The RSI can be used as a trend indicator, following the range rules that call for an uptrend between 40 and 80, and a downtrend between 20 and 60. A move to above 60, an then a dip, a subsequent rally finding resistance at 60 would qualify as a change of trend. ( as per my method). This is what I was trying to program.

I trade equities, and the RSI gives a fairly clear trend signal on daily, 60 and 30 minute charts. On 5 minute charts, I have found that the targets are close by, often not justifying a trade.

Have Fun!

[Triplepack]

Hi chartist,

I can see where u are coming from on this ,I take note of where it is and resistance levels at the 40's 60's etc and look for horizontal
support and resistance, and when these break , then look out below.
When u identify its coming off a top at the 60 level say ,how do u determine your target, do u look for a bounce of the 20 ? or use it in conjunction with a price pattern?

I was looking at the dow over the past few weeks since the 28th Sept, there is a very obvious h&s which developed but nothing to show on the index apart from a wobbly h&s or possibly a double top.
Sorry I cant offer any further help on programming,but if i do i'// flag it up for u.

Cheers

Triplepack

[cardwellwife]

There sure are a lot of people discussing my RSI work which was copyrighted back in 1992. Much of what has been written by certain authors and analysts is in direct violation of copyright. I just wanted to you let you folks know that I am still very much alive. I am posting this under cardwellwife because I am not registered myself, but my wife did post my email if anyone wants to contact me.

I also notice much discussion on John Hayden's "MDRP". Well let me set the record straight on a few things about Mr. Hayden.

John was a former RSI Course student of mine in the early 90's.
Most of what he has written in either his books or articles he learned (or should I say stole) through my RSI Courses. While he claims the MDRP as some "new" discovery, all he basically did was to rename what he had learned from me. The same can be said for the comments he makes about the range in which the RSI trades and the use of moving averages for trend analysis. I first shared my guidelines for trend analysis using moving averages on close and the RSI way back in 1987 at a Computrac
conference in New Orleans, La. I have also shared my work in my RSI Courses which I began offering in Atlanta in 1989.

There is also another analyst and author who has taken some of my work and claims it as her own. And she was someone who I had considered a good and close friend. I knew her, (notice the past tense), as Connie Brown, although you may know her as Constance Brown. I had shared with her back in 1994 the formula
for my "CFG" which is my personal RSI. While we were there in my office, and my assitant can attest, I told her to never to divulge the formula to anyone. She then told me after looking it over, "it is not anything I would ever be interested in". I was only sharing it with her to help her in her own personal trading. She is now selling the same formula I include as part of my RSI Course through her website. I do appreciate the fact that she did author a book and include a chapter about me and my RSI work. However, I do not appreciate it when someone takes another's work and claims it as their own. She had forwarded to me for review before it was published the draft of the chapter she was going to include about my work. She never however sent me some of my other material which she included in her book.

I guess in both cases with Hayden and Brown, plagiarism must be the highest form of flattery. It is probably easier to take or steal something from someone else than develop it on your own.

In closing I want to mention the two things I am most proud of:

1. Over 70% of my course students have been referals of previous students.
2. We have course students in 25 countries around the world who are using what they learned in my courses.

Andrew E. Cardwell, Jr.
trader011@msn.com

[cardwellwife]

hi triplepack,

The reason the " so called MDRP" failed, is because there are underlying longer term "Negative Reversals" which have been targeting the 9750 and 9660 levels. We even have targets under 9550 on a weekly basis. Our last sell signal was at 10340
and suggested a downside target for this current move of at least 9890.

I myself wrote this and also posted another comment under cardwellwife a few minutes ago which you might find an interesting read.

Andrew E. Cardwell, Jr

[Tekunda]

Mr. Cardwell, I admit I have never heard of your work before.
Please be so kind and let the Forex community of Moneytec.com know how we all could profit (maybe even develop a profitable trading system for Forex) from your research and work.
Looking forward to hearing from you soon.

[Triplepack]

Hi Andrew,

First I would like to say I admire what I know of your research and your hard work over many years.
It is sad to hear that the two former students of yours have left you with bad feeling.
However, if it wasn't initially for Constance Brown your work would still be hidden under a bush for the likes of me.
John's paperback has gone further to fill in the gaps and enable me to take RSI use to a higher level again.

I believe you had written a book but now I understand that you s never had it published, opting to give courses seminars etc.
I understand the courses are the definitive motherload on RSI. Unfortunatley due to living in the UK and the course cost I am unable to take that next step.

However , what I have managed to learn and develop on my own has enabled me to develop a simple trading strategy using "Negative Reversals".

I use the Neg Rev., on different time scales on Naz stocks,I can see how it is great for picking the waves on the big trends in Forex.
I've attached a couple of charts with reference to the Dow you mentioned earlier VERY POWERFUL !!!
I can see (I think), where you are indicating on the weekly charts
where the market is going. I hope in this instance it will be a failed Neg Rev., for everybodies wealth ( lol ).

The failed reversal I mentioned in a previous post was on 10 mins dow.,but as I mentioned to your wife last week the Neg Rev hit the nail right on the head to within 4 points if I remember correctlyon another wave.

In trading the Neg Rev's I manage my trades on a time scale of 10 mins and position size so as not to cause my blood pressure to rise.
I then find a Reversal with a decent move indicated within the daily time scale and put my stop a third of that target above my entry , or watch for when the RSI closes above the trigger point which then invalidates that particular Reversal.
Exiting is either as above or when my target is hit, sometimes if it is just not going anywhere I'll close and find another Reversal.
A hard part is staying in when a smaller time scale retracement occurs within the predicted movement.

Ah well , please excuse me for rabbiting on but in short, great to chat to you and I look forward to discussing rsi with you in future with the rest of the guys on Moneytec.


Best regards and good trading.

Richard