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Hello Traders,
I just want to share with you a little update if you so please. I have opened another position. I am long the USD CAD. Let me show you my arguments. I am, quite aware of the fact that the RSI 14 is rising up and that all of the MAs are below the current price (bullish sign, the RSI not so much). I have also checked the open interest (futures) for the pair. There, I have seen that the OI is at it's highest since December 2016. It seems to me that traders are buying (or may be not?). Therefore, the reason I am ignoring the RSI is simply because the indicator is a derivative (it is dependent on the price). I am simply using the current momentum of the pair, which I think will touch 1.36 once more. This is it for now.
Best Wishes,
Georgi
I just want to share with you a little update if you so please. I have opened another position. I am long the USD CAD. Let me show you my arguments. I am, quite aware of the fact that the RSI 14 is rising up and that all of the MAs are below the current price (bullish sign, the RSI not so much). I have also checked the open interest (futures) for the pair. There, I have seen that the OI is at it's highest since December 2016. It seems to me that traders are buying (or may be not?). Therefore, the reason I am ignoring the RSI is simply because the indicator is a derivative (it is dependent on the price). I am simply using the current momentum of the pair, which I think will touch 1.36 once more. This is it for now.
Best Wishes,
Georgi
