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Struggling to choose between part-time and full-time trading? Then this article is for you!
2023-04-03 • Updated
Before we consider RSI trading strategies, it’s worth beginning with the small definition of the RSI.
RSI (Relative Strength Index) is one of the oscillator indicators that is widely used by traders to determine reversal points. The main idea that you should keep in mind implementing different trading strategies is “if RSI rises above 70 bound, it means that the pair is overbought. If RSI falls below the 30 line – the pair is oversold.”
Let’s consider 2 simple trading strategies that you can use in your daily trading.
Strategy #1
Criteria:
Buy.
Steps:
Sell.
Steps:
Strategy #2 (the 50th candlestick)
Criteria:
Steps:
Tips: all traders know that signals of only one indicator don’t give 100% assurance. It’s always better to combine several indicators. And if you see that another indicator signals the reversal, it’s better to take that signal into consideration and maybe even close the position before the RSI gives a signal.
Making a conclusion, we can say that RSI is one of the most reliable indicators. You even may combine it with other indicators to create your own strategy!
Struggling to choose between part-time and full-time trading? Then this article is for you!
In trading, we can rely on a bunch of different entry signals.
A triangle chart pattern is a consolidation pattern that involves an asset price moving within a gradually narrowing range.
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