Forex trading strategy #4 (RSI High-Low)
Submitted by Edward Revy on February 28, 2007 - 14:14.
Although no trading system can solely rely on RSI indicator, using it in combination with other tools and proper technical analysis can bring a new edge to your Forex trading.
Setup:
Currency pair: Any.
Time frame: Any.
Indicator: RSI (14) with levels at 70 and 30.
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Thank you!
Please keep up with this website as I'm learning faster as with any other!
I love your simple explanations with screenshots!
To all:
Like Ed said, DO NOT USE RSI ALONE!!! You will most likely lose money if there is a strong trend. Works only in raging market.
And by the way: After RSI is in overbought, after it there is always a smaller high or low just under the overbought or over oversold zone on RSI and the actual price is HIGHER. You are going to have more losing trades unless you take 10-15 pips each time which is pain to sit and wait for all day.
Read more about RSI divergence
hy ed what RSI i should use for 1 minute to show me if it's uptrend or downtrend?
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