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Best way to use #RSI for Trading
What is RSI indicator?
RSI is used on price to identify oversold and overbought market conditions. In relative terms, when RSI line touches the 30 line, price is said to be oversold. When RSI touches the 70 line, price is said to be overbought.
What is RSI indicator?
RSI is used on price to identify oversold and overbought market conditions. In relative terms, when RSI line touches the 30 line, price is said to be oversold. When RSI touches the 70 line, price is said to be overbought.
Problem of using RSI traditionally is that in heavily trending market #RSI can remain oversold and overbought for a considerably long duration. Consider example of #TATACHEM for example. If you keep selling because of RSI Oversold, you can continue to make losses. 
So the proper way is to use RSI + Divergence.
What is RSI Divergence? When price is moving in opposite direction of the RSI.
1. Near 70, Price is making Higher Highs & RSI is making Lower Highs; or
2. Near 30, Price is making Lower Lows & RSI is making Higher Lows.
What is RSI Divergence? When price is moving in opposite direction of the RSI.
1. Near 70, Price is making Higher Highs & RSI is making Lower Highs; or
2. Near 30, Price is making Lower Lows & RSI is making Higher Lows.
1/n
🧵on Relative Strength Index (RSI), one of the widely used Indicator in technical analysis by traders.
I am sharing:
1. Intro and the birth of RSI
2. What info RSI indicates
3. Application of RSI with chart patterns
4. Support/Resistance in RSI
5. Range Shift
6. Divergence
🧵on Relative Strength Index (RSI), one of the widely used Indicator in technical analysis by traders.
I am sharing:
1. Intro and the birth of RSI
2. What info RSI indicates
3. Application of RSI with chart patterns
4. Support/Resistance in RSI
5. Range Shift
6. Divergence
2/n
The concept of RSI was first introduced in the book “New Concepts in Technical Trading Systems.” By J. Welles Wilder Jr. Most of us get so attracted to the indicator itself we forget to study the background of Scientists and how the indicator got its life.
The concept of RSI was first introduced in the book “New Concepts in Technical Trading Systems.” By J. Welles Wilder Jr. Most of us get so attracted to the indicator itself we forget to study the background of Scientists and how the indicator got its life.
3/n
Understanding the psychology of the researcher is way more important than the indicator itself. Because indicator is the reflection of researcher’s personality and what they are looking into the markets (and charts).
Understanding the psychology of the researcher is way more important than the indicator itself. Because indicator is the reflection of researcher’s personality and what they are looking into the markets (and charts).
Respected all sir
I have observe that many times after high volume candle formed stocks price drop and that high volume candle's high is protected and break that high by another high volume candle only.
Here are some examples.
I have cover all large, mid and small cap stocks
I have observe that many times after high volume candle formed stocks price drop and that high volume candle's high is protected and break that high by another high volume candle only.
Here are some examples.
I have cover all large, mid and small cap stocks
Stocks for 14/09/20 Intraday
#ZEEL
#AXISBANK
#BHARTIARTL
#GRASIM
#SUNPHARMA
#CHOLAFIN
#M&M
#ESCORTS
#LICHSGFIN
#HAVELLS
Based on NR7, Volume and Volatility concepts
#ZEEL
#AXISBANK
#BHARTIARTL
#GRASIM
#SUNPHARMA
#CHOLAFIN
#M&M
#ESCORTS
#LICHSGFIN
#HAVELLS
Based on NR7, Volume and Volatility concepts
Results of the Day : 2/10 Stocks gave tradeable moves
1/2 : #ZEEL : PROFIT : +2R
Gave Entry very early in the day but was very slow. However it didn't show any bullishness throughout.
Closed @ 2:25 at first target of 2R because of how slow it was
1/2 : #ZEEL : PROFIT : +2R
Gave Entry very early in the day but was very slow. However it didn't show any bullishness throughout.
Closed @ 2:25 at first target of 2R because of how slow it was
2/2 : #ESCORTS : PROFIT : +2R
A very reliable stock, the day started by a rejection for the 5th time from the same Supply zone. It eventually closed above and gave a long Entry.
Exited at +2R because despite good Volumes, range of candles were small hence momentum was weak
A very reliable stock, the day started by a rejection for the 5th time from the same Supply zone. It eventually closed above and gave a long Entry.
Exited at +2R because despite good Volumes, range of candles were small hence momentum was weak
Continuing the Exercise, time for the weekly review of this:
Stocks which were at 5 Low:
1. #BIOCON : Swept equal lows, good bounce
2. #JKTYRE : Back at Support
3. #HINDUNILVR : Broken previous Support
4. #GODREJPROP : Good bounce, at Equal highs
Stocks which were at 5 Low:
1. #BIOCON : Swept equal lows, good bounce
2. #JKTYRE : Back at Support
3. #HINDUNILVR : Broken previous Support
4. #GODREJPROP : Good bounce, at Equal highs
Stocks which were at 13 Week High:
1. #SBIN : Testing broken resistance
2. #LICHSGFIN : Testing broken resistance
3. #DCBBANK : Testing broken resistance
4. #CHOLAFIN : Testing broken resistance
1. #SBIN : Testing broken resistance
2. #LICHSGFIN : Testing broken resistance
3. #DCBBANK : Testing broken resistance
4. #CHOLAFIN : Testing broken resistance
Continued..
5. #TATACHEM : Broke ATH BUT back down
6. #NOCIL : Tested Support
7. #MFSL : Consolidating at Resistance
8. #BAJFINANCE : Looking Good, tested broken Resistance
5. #TATACHEM : Broke ATH BUT back down
6. #NOCIL : Tested Support
7. #MFSL : Consolidating at Resistance
8. #BAJFINANCE : Looking Good, tested broken Resistance
Stocks for 29/08/20 Intraday
#LICHSGFIN
#LUPIN
#UPL
#AMBUJACEM
#UJJIVAN
#SBILIFE
#CUMMINSIND
#AMARJABAT
#INDIGO
Based on NR7, Volume and Volatility concepts
#LICHSGFIN
#LUPIN
#UPL
#AMBUJACEM
#UJJIVAN
#SBILIFE
#CUMMINSIND
#AMARJABAT
#INDIGO
Based on NR7, Volume and Volatility concepts
Results of the Day : 4/9 Stocks gave tradeable moves
1/4 : #UPL : PROFIT : +2R
Price broke through previous resistance with good volumes
Bullish bias was decreasing due to decreasing Volumes. Exited after formation of bearish structure
1/4 : #UPL : PROFIT : +2R
Price broke through previous resistance with good volumes
Bullish bias was decreasing due to decreasing Volumes. Exited after formation of bearish structure
2/4 : #INDIGO : PROFIT : +1.7R
After a Bullish start of the Day, price formed Double top and a Bearish structure.
Exit was done after it bounced with good volumes and a long tail
After a Bullish start of the Day, price formed Double top and a Bearish structure.
Exit was done after it bounced with good volumes and a long tail
A Very useful Exercise for Positional/Swing Trading, Suggested by @ST_PYI (Raunak Sir)
Stocks I am watching for this week are
At 5 week Low (No Stock is at 13 week Low):
1.#BIOCON
2.#JKTYRE
3.#HINDUNILVR
4.#GODREJPROP
Screener: chartink.com/screener/5-wee…
Stocks I am watching for this week are
At 5 week Low (No Stock is at 13 week Low):
1.#BIOCON
2.#JKTYRE
3.#HINDUNILVR
4.#GODREJPROP
Screener: chartink.com/screener/5-wee…
Stocks at 13 week high:
1. #SBIN
2. #LICHSGFIN
3. #DCBBANK
4. #CHOLAFIN
Screener : chartink.com/screener/13-we…
1. #SBIN
2. #LICHSGFIN
3. #DCBBANK
4. #CHOLAFIN
Screener : chartink.com/screener/13-we…
Continued..
5. #TATACHEM
6. #NOCIL
7. #MFSL
8. #BAJFINANCE
Screener : chartink.com/screener/13-we…
5. #TATACHEM
6. #NOCIL
7. #MFSL
8. #BAJFINANCE
Screener : chartink.com/screener/13-we…
