Using overbought/oversold indicators

I think I like the RSI and the Stochastic indicators, so I am basically using them in my mind here on this question. Here is the scene:

The price is moving up, and I want to go long. However, the line on the RSI/Sto is [B]ALREADY [/B]halfway+ up through the middle area, and is closing in on the “overbought” line. Should I pass on this train, and wait for one that is just leaving the bottom “oversold” station??

Potaire

Price does not necessarily turn around when it starts going into oversold/overbought levels. Take the trade, and if you’re using those indicators as an exit, watch for a bearish stochastic cross or RSI to fall below 50.

Hmmmmm–my thoughts were that the chances of success would be greater if you began at the start of the move as compared to starting in the middle of the move. Not to mention a bigger gain if it works out.

Crap----I meant to say the [B]William’s %R indicator[/B], not the RSI.

Thanx Gunner

Potaire