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Thread: HouseTakers Trading Journal

  1. #1
    Welcome to 's Trading Journal! You might also find it on http://housetaker.myfxjournal.com in http://www.myfxjournal.com As always, comments welcome!

  2. #2
    On http://www.learncurrencytrading.com/...ead.php?t=2263 is a Talk on RSI. Not just a new subject, but one to remember nonetheless, because the way RSI should be used -- no, the way technical indior should be used -- has to do with plogy and what others are doing rather than math.

    The figures in RSI are unworthy. What is important is the relationship between RSI and price. For example, from the chart below, we see EURGBP in an ascending triangle. Notice RSI it's falling. Prices are climbing, and RSI is decreasing; this phenomenon, known as RSI divergence, frequently precedes a change in the trend. It suggests that the current price trend lacks the strength required to sustain it.

    Http://www.myfxjournal.com/resserver...rgbp011906.jpg


    At a situation similar to this one where we have conflicting indiors -- directional triangle suggests upwards price movement, although RSI divergence suggests otherwise -- it is often better to look at a broader timeframe (which you should do anyway). The EURGBP dailies, for example, show a symmetrical triangle with no RSI divergence. Contemplate:

    http://www.myfxjournal.com/resserver...6--dailies.jpg


    So based on that, it appears like EURGBP may be inclined to break upwards.

    However more importantly, what do you believe? Can RSI have any value outside of being able to identify minutes of divergence? Can I target with this article, or does this make you believe I've been hitting the crack pipe a little too hard?

  3. #3
    Yikes! Looks like images don't show up in threads, but they really do attachments? Well added as attachments.


  4. #4
    Hello,
    Quote Originally Posted by ;
    Yikes! Looks like pictures do not appear in threads, but they do in attachments? Well here they are, added as attachments.
    They appear when they're single attachments.

    Best regards
    Alan

  5. #5
    expect you're correct alan....here goes, the hourly chart on eurgbp

  6. #6
    and here is the daily chart....and thanks for the tip, alan!

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