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Larry Williams’ % R Indicator

Sound familiar? You have spent years surfing the 'Net, and studying books and charts in search of currency trading strategies or forex trading strategies. All you really want is the 'Holy Grail' of entry techniques. You usually end up adding one indicator on top of another, switching from one guru to the next, until you are so confused and unsure of your entry system that you are unable to make entry decisions and stay organized. You get so distracted and frustrated that you quit watching the markets all together!

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Larry Williams’ % R Indicator

Another indicator to add to your currency trading strategies (a.k.a. forex trading strategies), this is a momentum indicator that delineates overbought/oversold conditions. It is much like the Stochastic Oscillator, but for the fact that %R is plotted upside-down, and the Stochastic Oscillator has internal smoothing.
%R is usually plotted with negative values (i.e., -20%), the negative aspect of which you should simply ignore. This achieves a display on an upside-down scale.
Oversold readings occur in the range of 80 to 100%, overbought in the 0 to 20% range.

As with other overbought/oversold indicators, it is usually best to wait for the tradable to change direction, rather than just reacting to the %R reading. In other words, if %R reads overbought, you should wait for the tradable to turn down, before selling it, or going short.

%R, as with other such indicators, can remain in overbought/oversold territory for quite some time, as the tradable continues to rise or decline. So, haste makes waste.

Another way to read %R is to look for it to form a peak and turn down, days before the tradable itself peaks and turns down. Likewise, look for %R to bottom out and turn up, days before the tradable too turns up.

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