For the past several days, we have observed EURUSD banging around inside a channel. Prior to this occurring down on the hourly, we saw the market in a steady uptick. I'm usually averse to doing bearish in such a bullish move, but the current channel signals that any consolidation play (ie; advanced patterns) should be safe for now. I am looking at some bearish plays should we shoot higher than 1.14703, but that's a whole other deal
Hi, Whats the reason of you use RSI(7) instead of RSI(14). Thank you.
BennyManieri
⋅
Operating under the assumption that all indicators are, "lagging" in essence, the 7 period RSI allows for a more sensitive reading than the 14, if that makes sense.
Scenkciler
⋅
Should i use RSI (7) short term trading like day trade with 5m or 15 m time frame ?
BennyManieri
⋅
Sure. I only use RSI and ATR and just pieces of the puzzle, though.