RSI 14

oatman

Senior member
2,879 22
I've been looking at RSI14 on 1min Z and YM. Quite interesting :cool: Might be able to nick a few £$ on the 25/30 & 70/75 action.
Anyone using MAs on it, or any other views, comments or recommendations welcome?
I thank you
 

JTrader

Guest
5,741 506
I have used RSI14 on a 3 minute chart to quite good effect when day trading. I have looked to buy as the price has moved below 30 and has shown some sign of a re-tracement on the chart and L2. Similarly I have looked to sell at above 70 when the stock has become overbought. Using this method has enabled me to achieve 60-70% trades that make some level of profit.
The times when this has got me into trouble has been when I have placed a trade which is counting on a reversal that does not happen - going against the trend.
RSI tends to work best for me when the market is oscillating during the course of the day.
 
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Dentalfloss

Legendary member
63,404 3,726
i am very interested in youre strategy for daytrading uk banks.it looks like a nice easy one to trade on cfd/sb.
 

oatman

Senior member
2,879 22
dentist, Be careful, there are no easy trades.
jtrader, that's what I was looking at, know what you mean about running thru the levels. stops should take care of this though if the % win is OK.
I don't think we should be too reliant on something that looks good, but it looks OK at the mo. Be prepared to abandon at short notice :cheesy:
 

JTrader

Guest
5,741 506
Yes I would not use RSI alone. I have also had different levels of success with RSI with different charting packages. Esignal is good because it comes with 60 days back-fill intra-day data. Other packages have much less back-fill intra-day data and so their RSI's tend to jump around a lot more.
 
 
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