MJ...Sounds like a good idea. Think I've posted this before, but if you didn't notice it I think it's very good. They send free lessons to your email one at a time on fibs, pivots, RSI, and so many other things. Today I was reviewing RSI via a video link they sent. They have these short clips that are super. tradeology.com If you look below, here's a chart of PNRA and I have puts in it. According to the mini course on the RSI, you look for levels of the RSI and if you notice, the last one was very high and comparing it to the rest of the chart it has never been that high before. That's a clue to reversal, plus it has turned down as noted by the last yellow mark. In addition, note the two yellow spots I have where RSI hit the 40 area and bounced. Those RSI pivots are higher than other RSI pivots indicating the stock is stronger. So, I'll be watching the daily RSI as PNRA pulls back and will keep in mind it could very likely reverse when the RSI hits that 40 area. Of course you don't go strictly by any one indicator, rather use a few to make your decision. Think it was Doug on the TA BB that taught me that the RSI has patterns too, like a head and shoulders, etc.. Consequently, there is much to be learned by studying the RSI.
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