Overbought/Oversold
The chart below offers an example of how RSI can be used to determine if a currency pair is overbought/oversold. Readings above 70 give an overbought indication, and readings below 30 give an oversold indication.
Divergence
The chart below shows an example of how RSI divergence could have been utilized in trading.
Assuming a short position near 1.8900 with a stop at 1.9150, a limit near 1.8400 would have been hit before the price reached the support line. This would realistically have been a good place to cover (exit the trade).
ASSIGNMENT: Using the methods described in this lesson, place a trade on your demo account based on the RSI indicator. Reply to this thread telling us about your trade and why you placed it. If you'd like, feel free to upload an image of the chart you were looking at to help convey to the class why you placed the trade. Also, feel free to ask the instructors any questions that you may have regarding usage of RSI and other indicators that have previously been covered.
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