Renforex
Singkat

USDCAD - Descending channel + RSI

FX:USDCAD   Dolar U.S/Dolar Kanada
An example of using RSI to confirm channel continuation and finding the correct time to place your trade.

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But EMA overextended oversold and my RSI pointing in the buy zone
Balas
Renforex pmifsud
@pmifsud, The trade became invalid as soon as it broke out of the channel.

I don't know what RSI you're looking at though, but mine doesn't have a buy zone.
Balas
nivelij01 Renforex
@Renforex, If you look at the daily chart and pull the 14-period RSI, it is currently hovering near the oversold territory. I do personally believe there will be retracement to the upside going to happen for this currency pair. But it could also mean that the price may go slight lower and potentially form a divergence between the actual price action vs RSI indicator.
Balas
Renforex nivelij01
@nivelij01, Of course it is, but it's pretty irrelevant to this chart. And it's slightly frustrating when people think RSI on any timezone being at a certain value means it's in the 'buy/sell zone'.
Balas
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