The daily shows how it is still pointing down. Price is in a low area where you would expect to see buy orders. This is why you never want to just jump into a position. Price needs to move away from previous supply or demand areas (here being closer to demand areas).
In general when price moves against you it is usually because you either bought into a supply zone (buying high) or sold into a demand zone (selling low). This is not how smart money operates (the composite operator for you Wyckoff people).
Buy LOW, sell HIGH.... Right now yes, the price is low which is why its important to wait for price to move away from here before attempting a shirt sell.
RSI is useful if you know how and when to use it. I use it as an additional point of reference and as a last "safety check" before making any decision to enter something. Here RSI is set to 7 (versus 14) and the overbought and oversold are 25 and 75. Think of the 75 level as "SUPPLY" and the the 25 level as "DEMAND." Forget that silly and misleading language of "Overbought" and "oversold.' This doesn't make sense.
On any Oscialltor in trading, the top line should be looked at as a sell/supply line and the lower as a buy/demand line.
If the RSI is obove the 75 level you should be looking for sellers. If it is below the 25 line you should be looking for buyers.
How do you know if buyers or sellers there to begin with? Volume.
Volume is an entire other conversation. Look at most of my old charts for a start if you want to learn how to use it.
In general when price moves against you it is usually because you either bought into a supply zone (buying high) or sold into a demand zone (selling low). This is not how smart money operates (the composite operator for you Wyckoff people).
Buy LOW, sell HIGH.... Right now yes, the price is low which is why its important to wait for price to move away from here before attempting a shirt sell.
RSI is useful if you know how and when to use it. I use it as an additional point of reference and as a last "safety check" before making any decision to enter something. Here RSI is set to 7 (versus 14) and the overbought and oversold are 25 and 75. Think of the 75 level as "SUPPLY" and the the 25 level as "DEMAND." Forget that silly and misleading language of "Overbought" and "oversold.' This doesn't make sense.
On any Oscialltor in trading, the top line should be looked at as a sell/supply line and the lower as a buy/demand line.
If the RSI is obove the 75 level you should be looking for sellers. If it is below the 25 line you should be looking for buyers.
How do you know if buyers or sellers there to begin with? Volume.
Volume is an entire other conversation. Look at most of my old charts for a start if you want to learn how to use it.