Has anyone used the RSI to trade Forex with success? I've heard mixed reviews about it.
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Hey @greatdane33, I’ve used the RSI quite a bit. It’s one of my go-to indicators. It’s great for identifying overbought and oversold conditions. How about you? Have you started using it yet?
I’ve just started experimenting with it. I've heard it can help spot potential reversals, but I’m still getting the hang of it. Any tips or personal experiences you can share?
Definitely. One thing I’ve learned is not to rely on it alone. There was this one time when I saw the RSI showing oversold on EUR/USD, so I jumped in thinking it would bounce back. But it kept dropping, and I ended up taking a loss. That’s when I realised it’s important to combine RSI with other indicators or price action analysis.
I now use it alongside moving averages and support/resistance levels. If the RSI shows oversold, but the price is also hitting a major support level, that’s a stronger signal for me. It’s saved me from false signals a few times.
Hope this helps!