AUDUSD LOSS

AUDUSD LOSS
11th May 2018 contacttf
The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The 1 hour chart was bullish, so my thoughts were that I may be able to get some quick price action.

Unfortunately, my thinking was not right.

If you have bullish flow, especially in the smaller time frame, then I should stay away.

The relative strength index (RSI) is most commonly used to indicate temporary overbought or oversold conditions in a market. An intraday forex trading strategy can be devised to take advantage of indications from the RSI that a market is overextended and therefore likely to retrace.

 

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