STL, phew, big ask...
a lot can be said about RSI, but we could begin by noting the experts suggest using it more as confirmation and not as a leading indicator
momentum indicators like macd and, lol, momentum, along with the fast and slow stochastics are confirmation indicators i use - all to support price patterns, which are my primary tool
supply and demand zones, trendlines, fibonacci retracements and extensions....all needed, but the real kicker is price, which makes us money or otherwise, and which moves most rapidly when sentiment is at an extreme
gauging the sentiment is of course tricky, but i felt today was the day, and it seems to have borne out that way so far
coming back to your specific question about RSI: notice how it kept making higher lows as price stagnated with rising macd?
suddenly we found ourselves with macd sitting on zero with the exponential moving averages of 50 and 200 flatteneing out
the market was changing gears
price sat there, savaging the impatient, wearing down the traders who work on credit, not cash, and those who just couldn't take it any longer for one reason or another
all the while price sat quite comfortably on the 50 dma in the zone i highlighted with a rectangle
did something have to give?
i don't know, i'm just following the money, but it has given up trying to go lower
perhaps sentiment has changed...
the confirmation isn't there just yet, but volume is there relative to yesterday and the week and month at this point in time
so too are the other indicators, most particularly the fast and slow stochastics on the daily chart
i use per minute charts to time my entry in all stocks
rsi might stay here for some time if the market is bullish
price appears to be advancing
good luck with it
ps, the zone i was interested in was the blue 4 in the following chart....
undoubtedly there will be those who howl this technical analysis down, but you seem to be interested enough and have an open mind, so i'm happy to throw it your way
my best and most precious words are reserved for last
listen to yourself, no one else
be as silent as you can during the trading day
be brave
act when you think you should act
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Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
---|---|---|
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Price($) | Vol. | No. |
---|---|---|
1.7¢ | 6145150 | 7 |
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No. | Vol. | Price($) |
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25 | 16346711 | 0.014 |
16 | 8544615 | 0.013 |
10 | 8688582 | 0.012 |
8 | 1567090 | 0.011 |
Price($) | Vol. | No. |
---|---|---|
0.017 | 3040958 | 4 |
0.018 | 7550048 | 11 |
0.019 | 3831666 | 9 |
0.020 | 1874632 | 8 |
0.021 | 6500000 | 4 |
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