What RSI time frame do you use for daytrade to predict intraday overbought/oversold? I've heard a lot of money has been lost because people are using it the wrong way. Thanks!
"A variation called Cutler's RSI is based on a simple moving average of U and D,[2] instead of the exponential average above. Cutler had found that since Wilder used an exponential moving average to calculate RSI, the value of Wilder's RSI depended upon where in the data file his calculations started. Cutler termed this Data Length Dependency. " http://en.wikipedia.org/wiki/Relative_Strength_Index#Cutler.27s_RSI