Customer Reviews

RSI: The Complete Guide

5 star:		(2)
4 star:		(0)
3 star:		(0)
2 star:		(2)
1 star:		(1)

 

 

My criteria for good books on trading are: 1) originality of the material; 2) applicability of the material to my own trading; and 3) contribution of the material to the broadening of my trading worldview. This book succeeds on all three points.

I was not previously aware of the multiple uses or depth of the RSI indicator. This book shows how to discern underlying market currents that are not readily obvious through other means. If you are interested in technical indicators, this work might prove to be a profitable read.

Unfortunately there are not very many books on the RSI indicator, or I would have never considered this publication. Although there are a few useful concepts that may be unique with John Hayden, much of what is discussed has been around for quite awhile (80/40 and 60/20, hidden divergences, etc.). Other than support and resistance, RSI patterns are never even discussed. The main complaint here is that the book is absolutely riddled with errors, and many of them in key areas of discussion.

For example: The numbers in the spreadsheet illustrating the RSI formula construction do not add correctly. The author skips from RSI rule #1 to #3 with no mention of #2. Many of the reference labels discussed in the text are missing in the charts. At least one chart is shown in a different time zone than what is under discussion in the text. Be assured, this is only a very small sampling. I have read a few discussions of this book in various trading forums and their complaints are considerably more harsh than mine.

I find it amazing how this book made into publication with so many errors. The whole book, from cover design to content is very unprofessional, especially for the price. I have since contacted the author and publishers inquiring about updates. There has been no response.

Minus the mistakes (assuming there were, though I have not done the findings), it is a great book on RSI. I have used RSI for my trading and the techniques mentioned in this book does work. The only disappointment was that it only included a basic review of Fibonacci retracements.

This book is poorly written overall and is far from complete and there are quite a few errors. The only thing this book has going for it is that there isn't much out there on RSI. Yes it is true, a bullish trend is between 40-80 and a bearish trend is between 20-60, however the author does not really explain how to really tell when there is a shift from bullish to bearish and vice versa. I am far from sold on the whole divergence thing allthough it does work from time to time. There is a much simpler way to tell when price is consoladating and how to tell when it is breaking out of consolodation and which direction.

Frankly, I think I am going to write my own book on RSI because it is desperately needed.

This has to be one of the poorest written and edited books on trading. It starts early with an error in the equation for RSI (not to worry, the appendix that goes into more detail also has at least one error in the spreadsheet). The charts need a magnifying glass to read. But even a magnifying glass won't help in finding points that are referred to in the text, but not marked on the chart. I guess we'll have to wait for Cardwell to finally publish.