I've been looking at RSI14 on 1min Z and YM. Quite interesting 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
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.
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:
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.