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Relative Strength Index, or RSI, is a popular indicator developed by a technical analyst named J. RSI is similar to the stochastic in that it identifies overbought and oversold conditions in the market. It is also scaled from 0 to 100. Typically, readings below 30 indicate oversold market conditions. Readings over 70 indicate overbought conditions. How to Trade Using RSI RSI can be used just like the stochastic.
We can use it to pick potential tops and bottoms depending on whether the market is overbought or oversold. USD had been dropping the week, falling about 400 pips over the course of two weeks. On June 7, it was already trading below the 1. However, RSI dropped below 30, signaling that there might be no more sellers left in the market and that the move could be over.
Price then reversed and headed back up over the next couple of weeks. RSI is a very popular tool because it can also be used to confirm trend formations. If you think a trend is forming, take a quick look at the RSI and look at whether it is above or below 50. If you are looking at a possible UPTREND, then make sure the RSI is above 50. If you are looking at a possible DOWNTREND, then make sure the RSI is below 50.
In the beginning of the chart above, we can see that a possible downtrend was forming. To avoid fakeouts, we can wait for RSI to cross below 50 to confirm our trend. Sure enough, as RSI passes below 50, it is a good confirmation that a downtrend has actually formed. What is the Best Technical Indicator in Forex? Infinite money is available to a mind that is ready, willing, able, qualified and gives itself permission to earn and accept it. We introduce people to the world of currency trading, and provide educational content to help them learn how to become profitable traders.
We’re also a community of traders that support each other on our daily trading journey. This website is operated by IFCMARKETS. I want to get the full set of a trader: educational videos and books, news, analytics, etc. Enjoy the process of learning with us! The file was sent to your e-mail address.