FOREX THEORY

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How to Detect Fakeouts

Breakouts are popular among forex traders.

It makes sense right?

When price finally “breaks” out of that support or resistance level, one would expect price to keep moving in the same direction of the break. There must have been enough momentum building up in order for price to have broken out of the level, right?

It’s time to hop aboard that train. It’s all smooth sailing now. All you have to do is just wait for it…

Yes, wait for it…

QUOTE OF THE DAY

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"When you do what you fear most, then you can do anything."

By Stephen Richards.

"YOUR WEALTH IS OUR HEALTH"

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QUOTE OF THE DAY

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"We may not be able to erase our past, but we can always change our future."

By Dwayne ‘The Rock’ Johnson.

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FOREX THEORY

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Relative Strength Index (RSI) (Part 2)

However, RSI is also good for seeing how long a trend has been overbought or oversold. A common indication of whether a market is overbought is if the RSI is above 70. On the flipside, a common indication of whether a market is oversold is if the RSI is below 30.

Because trends are movements in the same direction for an extended period of time, you will often see RSI move into overbought/oversold territory, depending on the direction of the trend.

If a trend has produced oversold or overbought readings for an extended period of time and begins to move back within the range of the RSI, it is a good indication that the trend may be reversing.

QUOTE OF THE DAY

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"My pain may be the reason for somebody’s laugh. But my laugh must never be the reason for somebody’s pain."

By Charlie Chaplin.

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