now i'm on this,but i don't know if it can broke 50 level.i think that RSI will turns to 40 level and then reject up(or turns to trend line when R becomes S).thanks. P.S.my humble opinion.
I started these trades with study of daily chart.i noticed the hammer candle right on 50 retracement.at the open of the last candle(today candle)i took long for many reasons(50 retracement,hammer canle,but first of all the broke of RSI).the price reached the trend line of price action,and i didn't know if the price could have broke or not.i followed RSI in 1h and in the moment of broke,i was out(with a nice +).then i shorted for another candle.i stoped because RSI reached 50 level and i was afraid by the yesterday hammer candle .i want to thanks all of you(especially kareem)because all the elements of these trades i learned from you in this thread. My humble opinion.
I started these trades with study of daily chart.i noticed the hammer candle right on 50 retracement.at the open of the last candle(today candle)i took long for many reasons(50 retracement,hammer canle,but first of all the broke of RSI).the price reached the trend line of price action,and i didn't know if the price could have broke or not.i followed RSI in 1h and in the moment of broke,i was out(with a nice +).then i shorted for another candle.i stoped because RSI reached 50 level and i was afraid by the yesterday hammer candle .i want to thanks...
Ignored
Nice set and a trade. I am glad that you are doing well.
You are welcome.
Kareem
Thanks!it is just the way i read RSI.the next one will be a failled one!i invite all of you to feel free to post yours trades using RSI.only like this we could learn.
Hi!it's just begun another week and that means back to work.it was a good day,because it helped me to become more confident in my tool.yes it's true that the price is the king and RSI is just a tool,BUT IS MY BEST TOOL that works for me.
Andy, Kareem - too long time, no communicate... just thought I'd post my current - and probably FINAL - RSI setup. I've veered towards Andy's RSI 14, BUT it is in fact a "Fozzy" RSI 8 smoothed 3 periods : it crosses exactly where RSI 14 crosses the 50 line, but it's a little smoother, more gentle on my old eyes.
I've read most of this thread with great interest. With no posts lately, just wondering if anyone id still trading this RSI trend line break system and if so, how profitable you are finding it.
Thanks,
Gem
I've read most of this thread with great interest. With no posts lately, just wondering if anyone id still trading this RSI trend line break system and if so, how profitable you are finding it.
Thanks,
Gem
Ignored
Hi Gem,
I still do use it, in addition to other indicators/setups. I only use the RSI trade with longer time frames ( 1H or higher).
Thank you,
Kareem
