Sir, I'm new in the market & learning. My question is If I follow the price actions, patterns & volume then how is the importance of RSI level ??? Is RSI really helpful ??? As from your chart, if candle breakout is strong at wedge then why should one look for RSI level ??? Pls clear my doubts if you some spare time. Thank you.
mastermukund4
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@Gangaram0719, Dear Brother, RSI always plays a crucial role. Even though it is a lagging indicator but very important before deciding any trade. if u really want to understand this trade, then it would be better for u to go through monthly chart. The Stock is bouncing RSI 60 levels. As far as my experience is concerned with RSI, 60 is the highest momentum zone and if a stock takes support around this level that means the stock does not want to break its momentum and same is the case with Balaji Amines. Every trade that I share is considered on all fronts before posting and i find this stock excellent in all terms whether it be RSI, Price or Fundamentals
Gangaram0719
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@mastermukund4, Sir, thx for replied. I think RSI is best for those who trade as per RSI. If someone trade with price, patterns & volume then perhaps he/she doesn't need RSI !!! Bcoz a strong breakout candle with decent volume itself show a strong momentum. I've mostly seen a strong breakout with decent volume when price breaks its previous resistance level. In my case, I agree to use RSI only for DIVERGENCE find out on higher timeframe. If higher timeframe shows divergence then it's impacted on lower timeframe a lot. That's it. Thx again for sharing knowledge.
mastermukund4
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@Gangaram0719, With great respect to your experience, RSI is nothing but a representation of price momentum only. So if u are accustomed to using Price Action & Volume u may ignore RSI, however it would be suggested to have a look at it for better results
Gangaram0719
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@mastermukund4, Okay sir, will try & practice on RSI. Will you tell me pls on which timeframe the RSI has most importance in the case if I'm planning to go long for a investment or positional or swing trade ??? Pls reply later if I'm irritating you now :-)
mastermukund4
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@Gangaram0719, Works on all time frame. Monthly for Long term Investing, Weekly & Daily for Positional & Swing Trades
Gangaram0719
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@mastermukund4, OK thx again for teaching & guiding someone who is new in the market.