Rsi(2) levels for Intraday Trading

[syb23411]

Rsi(2) Levels calculated for next day Intraday Trading along with Closing Price , Rsi(2) for the closing price , and the no of days the stock is whether up or down is enclosed int the attached file, Please share your ideas.

 

[timepass]

Can you please explain how to use this ?

 

[syb23411]

For example take the stock of Ajantha Pharma. Today's closing price as on 23-09-2017 is Rs. 1209. The days in the sheet tell that the stock is continuously down for one denoted by -1 the current Rsi(2) is 35.95. Just scroll down to the Rsi value 35.95 .For Rsi value from 99.91 to 0.39 the corresponding price is calculated in the excel sheet.Just scroll down to the value 36 to find the corresponding price of Today's closing price.Suppose the stock open at 1212.60. Then the corresponding Rsi(2) value is 42 . for any value of Rsi(2) you can find the corresponding price in the excel sheet. This sheet is valid for 25-09-2017 only.Google for RSI(2) and find out more.

 

[syb23411]

The price of stock with Rsi(2) value 90 and above are considered overbought.likewise The price of stock with Rsi(2) value 10 and below are considered overoversold .If you want to shortsell the stock for Intraday, first see for how many days the stock is contionously up.This you can find in the excel sheet header coloumn +days.Take for example Glenmark.The closing price is 629.05 and the stock is up for +2 days and the Rsi(2) value for the closing price is 89.39.For the corresponding no 89.39 in the row you can find the todays closing price.This stock is very risky to short in intraday because when the entire market is down , this particular stock showed strength and it is up only for two days. Chances are this stock will go up in next trading day. For finding out the corresponding Rsi(2) during trading hours just compare the price against the correponding Rsi value.Generally any Stock will not fall below the 50% of the rsi(2) value the next day.Take for example Gail.The stock closing price is 398.55 The stock is down for 3 days and the corresponding Rsi(2) value is 15.18.So 50% of 15.18 is 7.59 , so go to row containg figure 7 and youu will find the corresponding price for 7 and 8 rsi(2) value ie 390.60 and 388.20. So around this value you can consider going long.For any stock going beyond 50% of today's Rsi value is considered weak Dont trade that stock.

 

[syb23411]

Suppose you if you know the resistance and support value of the stocks listed in the excel sheet for trading on 25-09-2017,just compare the value against the rsi(2) value and you can know the corresponding rsi(2) value for support and resistance and accodringly take intraday trading position.

 

[syb23411]

Read article about Rsi(2) at http://stockcharts.com/school/doku.php?id=chart_school:trading_strategies:rsi2

 

[syb23411]

52 week high 495.30
52 weel Low 353.20

AS per Fibonacci Ratio the stock is trading below 78.06% and Midpoint of 52 week low (ie) 383.60 to 368.40.


The stock hit bottom of 372 on 08-11-2017 but never fell below 368.40.

The stock is trying to hit the previous bottom of 372 on 22-09-2017.

The Rsi(2) value of the stock is .05 and in extremely oversold position.

The stock will try to take support of previous low of 372 and bounce back.

At any cost the stock should never fall below 368.40 that is the stop loss level.

So watch out this stock for very short term trading prospective.
This is based on purely technical analysis and not a trading recommendation.


Any contrarian views are welcome.

 

[timepass]

How is the corresponding price calculated ? Does it change with today's closing or is it fixed for a particular RSI(2) value ?

Thanks for this new idea. Have not yet studied the chartschool link.

 

[syb23411]

The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between zero and 100. The default days calculated by any technical analysis software is 14. Here it is calculated for 2 days. As said RSI value changes daily . Google for The Relative Strength Index (RSI) and learn more.

 

[timepass]

Yes, that's true for RSI. But the corresponding price, how is it calculated ?