Unleash the Power of RSI- A Beginner's Guide to Using the Relative Strength Index
Join @thelogicaldude on Coin Logic TV as he breaks down the RSI (Relative Strength Index) in simple and easy-to-understand terms.
Whether you're a beginner or just looking to refresh your knowledge, this video is the perfect resource to learn about RSI and how it can be used in your cryptocurrency trading strategy.
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▶️ 3Speak
Thank you for sharing this awesome beginners guide, brother!
I'm a beginner to all things stocks and investing/trading, so I've been doing a little research myself recently! I found this guy on YouTube named Arty that talks a lot about RSI, and had some similar aspects he teaches! - he is a day trader, so I'm sure the following information pertains more to day trading than long term investing, but he does talk about not day trading crypto, and that crypto is an investment for the future!
From his personal perspective, he claims that looking at the RSI as overbought and oversold is the incorrect way to use the RSI - although that is it's technical function. He uses the RSI as a momentum indicator, since it can stay "overbought" or "oversold" for a days at a time, just like you said!
So he sets his settings to where the baseline of the RSI is set at 50; if the stock/index/forex pair is trading above the 50 level, then it's in an upswing; below 50, downswing, and like you said, can stay that way for days at a time.
He likes to trade with the trend, and only on high momentum swings, so he looks for divergences between the price and the RSI so that way he can trade on both up and down swings. Basically, he looks for divergences between the price action and RSI to to help him determine if the momentum will continue in the same direction, or reverse, to help him determine when to enter a trade.
But he does utilize other indicators in conjunction with the RSI like you mentioned as well! He uses a lot of the same strategies for crypto as well, but he does wait for the dip to buy! (He's got a completely different tool for that - the Fibonacci Scale - and looks for retracements!)
He explains it a lot better than I can but I've started to see the divergences and hidden divergences like he teaches you to look for. It's pretty neat actually! But, if you wouldn't mind checking out his Quick Tutorial on the RSI Divergence Strategy, I'd love to hear your perspective on this at some point!
As a beginner, he seems like a no bullshit type of guy, and to hear a Hive Members perspective (especially someone who is actively trying to help others on the Blockchain!) would be amazing!
Again, thanks for the awesome information, and I'm glad that I started following you! Keep up the great work man! 💚
Yeah I have seen some of his videos, he's good. This was really just meant to be a basic video. I am going to get into more advanced concepts later on. Bite sized pieces stick more than drinking from a fire hose so I didn't want to get into divergences and stuff in this video, but it will come! That's one of my edges in my playbook is finding divergences.
Oh ok, so your familiar with his teaching style then! Like I said I haven't been around the trading/investing game long (I do have a webull, Robinhood and public account that I started during some of there promos a few years ago, but never did much with), so it's hard to find legitimate and reputable sources of information that make it easy to understand like the both of you do!
I will admit I was working on that comment before you started mentioning using it for momentum as well, so I apologize, because this is a great introduction to the different uses of the RSI, and why it is a must have indicator in your trading tool belt!
I agree that but sized pieces stick more, and that divergence strategies are a little more experienced for this type of video, but I can't wait til you cover it! I started a demo account and was trying to follow along (hands on learner) and found the divergence strategy very beneficial, but I'm still not confident enough to actually start trading - so I'll definitely be following along with this beginner series, and I'll have to check out some of your other videos too!
Yeah I am trying to do a crawl-walk-run kind of course.
That's awesome! I'll definitely be following along!