Lazyluchi Talks Relative Strength Index
Now I've been TRADING trend continuation for 180 days now and I had something come to me on WEDNESDAY. The market being in an over bought or sold situation can affect our TRADES. I'll be making use of the RSI to aid my setups (that is: where my SLs and TPs even entries will be). Here are rules that can guide you after watching the video.
RULES OF THE RSI
1. Above 50% is BULLISH
Below is BEARISH
2. When taking TRADES be sure to know where the 50% is.
3. Don't TRADE counter
4. Know thy 20% and 80%
5. Always draw three lines (80,50, and 20) Then know the dominating structure, and take that TRADE
6. In an UPTREND, know thy 20 and 50 (wait for it to break above the 50 to BUY)
7. In a DOWNTREND, know they 80 and 50 wait for it to break below to SELL)
8. STRATEGY: trend following with breakouts
9. The RSI helps to avoid overbought and sold situations
Some abbreviations I'll be using would all make sense when I start. I'll be labelling the 80%,50% and 20% levels. 80 and 50 for the BEARS, 20 and 50 for the BULLS. The DIVERGENCE and STRUCTURES will still be in the works. Stay tuned for them RSI trades. Enjoy!
RULES OF THE RSI
1. Above 50% is BULLISH
Below is BEARISH
2. When taking TRADES be sure to know where the 50% is.
3. Don't TRADE counter
4. Know thy 20% and 80%
5. Always draw three lines (80,50, and 20) Then know the dominating structure, and take that TRADE
6. In an UPTREND, know thy 20 and 50 (wait for it to break above the 50 to BUY)
7. In a DOWNTREND, know they 80 and 50 wait for it to break below to SELL)
8. STRATEGY: trend following with breakouts
9. The RSI helps to avoid overbought and sold situations
Some abbreviations I'll be using would all make sense when I start. I'll be labelling the 80%,50% and 20% levels. 80 and 50 for the BEARS, 20 and 50 for the BULLS. The DIVERGENCE and STRUCTURES will still be in the works. Stay tuned for them RSI trades. Enjoy!
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