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S. Karthik Sivaraman, , Technical Indicators, algorithm, Moving average, Relative Strength Index, RSI, Technical indicators
Technical Indicators prefitted algorithms. May or may not give the desired results. There is no one algorithm which will make money in markets all the time and at all the markets. They merely indicate trend. Main being moving average and Relative strength index
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Hi,
This will be the appropriate answer for the question What is RSI? How to identify the buying zone?:
RSI (Relative Strength Index) – Technical Indicators RSI works well in non trending time and indicates the overbought & oversold region.
When the RSI is applied on the non trending zone, it provides the index with the mark of 70 and 30 scale
If the RSI scale goes above 7o mark it indicates the strength and if RSI scale comes back to 70 mark it indicates the overbought , temporary weakness is expected only then short position can be created. is the RSI scale goes below 30 mark it indicates the weakness and if RSI comes back to 30 mark it indicates the oversold , temporary strength is expected only then long position can be created.
Fibonacci Series and Fibonacci retracement
Fibonacci series is the sequence of numbers in which each number is the sum of the previous two numbers in the sequence. Fibonacci Series is 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144,………….
Golden Mean is 1.618 Logic behind golden mean is the ratio of two consecutive numbers in fibonacci series is same for all the two consecutive numbers.
Example 1: 21/13=1.618 Example 2: 144/89=1.618
Fibonacci Retracements are ratios used to identify potential reversal levels. The most popular Fibonacci Retracements ratios are 23.6%, 38.2% and 61.8%.
These ratios are found using the Fibonacci sequence
1. 61.8% – dividing one number in the series by the number that follows it. For example: 8/13 = 0.6153
2. 38.2% – ratio is found by dividing one number in the series by the number that is found two places to the right.
3. 23.6% ratio is found by dividing one number in the series by the number that is three places to the right.
Fibonacci Retracements used to identify support and resistance zones during the correction of the trend
In bullish retracement
Use the Fibonacci retracement tool to connect the trends bottom & top, by doing this Fibonacci retracement levels will be plotted in the chart.
When the price retraces from the peak then fibonacci retracement levels will act as a support zone.