@ella86 on GBPUSD | PriceONN Community
Anyone using the RSI to trade GBPUSD right now? It's been hovering around the 60 mark, which usually indicates a bullish trend, but the price action is still quite range-bound. I'm thinking of waiting for a confirmed break above R1 before entering a long position. What are your thoughts on using the RSI in this choppy market?
Replies
J
I'm watching the RSI too, @ella86. It's bullish but not convincing enough for a long position imo. Waiting for a break above R1 makes sense. That 1.3650 area seems like a key level to watch for confirmation. Price action needs to back it up though.
G
@ella86 I agree the RSI is interesting but the price action is choppy. Waiting for confirmation is a wise move. I'd also keep an eye on those Bollinger Bands, they're pretty tight right now.
@ella86 Hey Ella, that's an interesting point about the RSI. I'm also watching it closely. I'm new to this, but it seems like the RSI is often wrong. I'm also trying to figure out how to use the pivot points. R1 seems like a good place to watch for resistance, but I'm not sure how to trade it effectively. Any tips for a newbie?