moonchild
VIP Contributor
This is an indicator in Forex that shows you the strength of a move this indicator like many other indicators use the past price to indicate the next move, I don't suggest using this indicator solely for trading its actually a suicide mission because it's a lagging indicator.
But a best case scenario is when you combine it with technical analysis and it matches with your strategy then its actually a good reason to take a thread.
Typically I don't really take trades using indicators but sometimes when I have to make. A tough decision in a trade I knid of whip them out to flex my confidence before diving in.
This is really important for me and I think relative strength index indicator can make you do that easily, I will also show you how to set it up.
Go to your indicators page on your meta trader and click on relative strength index and then set the periods to 90 and 10 you can add lines if you like to provide clarity and save.
Go to moving averages and add 8 movin averages to the RSI window.
Whenever the MA approaches 90 you can look for sell opportunities and whenever the MA approaches 10 you can look for a buy
But a best case scenario is when you combine it with technical analysis and it matches with your strategy then its actually a good reason to take a thread.
Typically I don't really take trades using indicators but sometimes when I have to make. A tough decision in a trade I knid of whip them out to flex my confidence before diving in.
This is really important for me and I think relative strength index indicator can make you do that easily, I will also show you how to set it up.
Go to your indicators page on your meta trader and click on relative strength index and then set the periods to 90 and 10 you can add lines if you like to provide clarity and save.
Go to moving averages and add 8 movin averages to the RSI window.
Whenever the MA approaches 90 you can look for sell opportunities and whenever the MA approaches 10 you can look for a buy
