No registration required! (Why?)

ES 30min RSI overbought/oversold




Click image for original size
No Description Entered


Click image for original size
No Description Entered
In a normal trending market it takes 25 about 30min bars to go from overbought to oversold, and visa versa. In a slower market it takes 35 30min bars. We are in the 35 bar rotation now, and 11 bars into it, which tells me we will make a high around 865-870 in about 20 bars or 13:00 time Monday.

Also overbought/oversold is a point of view of the trader. When a market keeps making new highs and trending well by the time you get a RSI reading of 30 the move will be done its likely to retrace no more than 45. And the same going up...
I wonder if there is a way to overlay a MA envelope over the RSI?
quote:
Originally posted by CharterJoe

I wonder if there is a way to overlay a MA envelope over the RSI?



Not with E-signal, ohh well. I will plot it by hand I guess. I'll post if anything interesting occurs...


Click image for original size
No Description Entered
You can also a low and high on RSI and get the 50% mark which this last move it would be 57.5, the level we have been hovering around since the open. The 50% retrace marked the low of the gap down on monday 4/13 at 842 when we ran too 861....
This is how I use 30min RSI to aid in all my trades...

Click image for original size
No Description Entered


Click image for original size
No Description Entered


Click image for original size
No Description Entered
Alright +$1.00 on those calls better than 33%. Markets looking overbought going to pick up some puts near the close hopefully around 871. Should have been +1.50 but error on my part and clicked the wrong options contract.

According to my charts looks like we are going to get a pull back around RSI 74-75...
Click image for original size
No Description Entered



Looks like a good short with both RSI arriving at overbought and RSI 14 ahead of some major resistance looks good for at least -25 points.

Picked up some SPY may 86 puts @ 3.25 ES @ 864

<edit;looking for 1 point on those puts thats ES @ 840ish level>


Click image for original size
No Description Entered



Always makes me a bit nervous going the opposite way of big trends like these puts I have with the ES 200pts off the lows. But if your trading in your comfort zone your not making anything.
Joe;

Have you used the ADX. If so what time frame?

Thanks