Well done Taz.
5 min RSI is the most overbought I've EVER seen it at 100 on my chart for the FTSE Jun future. This can mean one of two things to me.
We are way overbought and it needs to come crashing down. Or, we are going up to a whole new level where current ideas of what is OB or OS will be of no use.
We'll see, the midday long today was perfect text book reversal, sorry to say I got on it only to exit when some data came out pushing the FTSE back down again. I sold out at a 1/2 point profit.
Would be worth +30 points now, but that's trading! Glad I got out when it felt all wrong.
Just to let you know I've tried to start a new FTSE thread, just go to Forum, then UK indexes. My thought was that there are two or three that aren't too well used so maybe if we could get one that everyone who trades FTSE uses it might be of more worth to us. There might be more ideas on there for everyone to dig in to.
Thanks
Stephen McCreedy