Here's a few helpful tips I have learned trading RSI in a bear market.
Watch for trends and act accordingly. Open shorts at good entry points with a stop loss right above it. If your stop is hit, do not panic. Just admit you were wrong and go long/buy into the trend if the buying volume and price action is strong enough.
For shorting, watch for the RSI bounces. A first bounce below 30 RSI is your trigger point. The second bounce will usually result in a lower low and you can sell there to take profits.
Wait for your buy signal at 60 RSI again (or wherever your pattern fits) and repeat.
For the chart:
Blue boxes = short open boxes.
Red lines = set stop losses above each blue box.
Green boxes at first drop through 30 RSI = trigger boxes to get ready to sell.
Yellow boxes at 2nd bounce after 30 RSI boxes = short close.
Go long if stop is hit and if buying volume/price action is strong.
Watch for trends and act accordingly. Open shorts at good entry points with a stop loss right above it. If your stop is hit, do not panic. Just admit you were wrong and go long/buy into the trend if the buying volume and price action is strong enough.
For shorting, watch for the RSI bounces. A first bounce below 30 RSI is your trigger point. The second bounce will usually result in a lower low and you can sell there to take profits.
Wait for your buy signal at 60 RSI again (or wherever your pattern fits) and repeat.
For the chart:
Blue boxes = short open boxes.
Red lines = set stop losses above each blue box.
Green boxes at first drop through 30 RSI = trigger boxes to get ready to sell.
Yellow boxes at 2nd bounce after 30 RSI boxes = short close.
Go long if stop is hit and if buying volume/price action is strong.
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Updating and closing out old ideas. It was validated.