Comments below.
LOW NUMBERS BETTER FOR LONG, THINK THE TREND IS UP BUT THERE IS A PULLBACK, ALL HIGH TIME FRAME RSI 3 IS OVERSOLD SO WHEN ALL ARROWS TURN UP THEY HAVE A LOW RSI 3 READING WHICH IS GOOD FOR LONGS WITH LESS RISK BUYING.
THE OPPOSITE IS GOOD FOR SHORTS, TREND DOWN, PULLBACK, HICH RSI READINGS ,ARROWS TURN DOWN , SHORT WITH HIGH RSI READINGS WITH MINIMUM RISK !
The main idea here is not marrying one pair, finding the pair that is ripe to short or long at that time.It prevents you to trade wrong pair ,lets say eu ,even if you dont see a trade and you take it only because you were bored waiting ! Go pick sth else that is trending
DislikedAwesome, thank you for the explaination. RSI is one of the better Indy's, 3 is a very low value, but it depends how someone wants to use it. (and maybe 3 is suitable for Forex, will play around with it) Usually with RSI 2 or 3 in Stocks or ETF's, you can use such an Indy to help you re-enter into a current trend.
So if trend is up, and RSI 3 becomes oversold while price pulls back, its one indication that now might be a good time to buy in long.
EXACTLY
This takes up very little real estate, its going to stay on my charts...Ignored
THE OPPOSITE IS GOOD FOR SHORTS, TREND DOWN, PULLBACK, HICH RSI READINGS ,ARROWS TURN DOWN , SHORT WITH HIGH RSI READINGS WITH MINIMUM RISK !
The main idea here is not marrying one pair, finding the pair that is ripe to short or long at that time.It prevents you to trade wrong pair ,lets say eu ,even if you dont see a trade and you take it only because you were bored waiting ! Go pick sth else that is trending