Here is what I think you can follow as a set of rules....
Each day there are two lines on your chart....a pivot and a sentiment. These number are based on calculations provided by Old Dog. When the Sentiment is higher than the pivot, the bias is up and when the Sentiment is lower than the pivot, the bias is down.
As far as taking trades, you first must determine if you want to consider the bias. Yesterday there were two winning sell trades. If you let bias influence you decision, you would have passed on these trades and had no trades.
Today, bias is still up....so you would have taken both buy trades and ignored the sell trade, if you are letting sentiment affect your decision.
I am suggesting you trade with the bias...but there will be lots of trades in the other direction that you pass on when doing this.
Think of the template as a tool. Sometimes your decisions will result in a losing trade...that's trading. Pick an approach and follow it.
That is why we are developing the EA, so we might do a thorough backtesting of a couple of these strategies. A visual inspection of the trades indicates, to me, that trading with the sentiment is a winning strategy.
Consider this strategy #1 and there are two ways to play it.
There are other strategies that will develop as we move along.
Cheers
CanuckCT
Each day there are two lines on your chart....a pivot and a sentiment. These number are based on calculations provided by Old Dog. When the Sentiment is higher than the pivot, the bias is up and when the Sentiment is lower than the pivot, the bias is down.
As far as taking trades, you first must determine if you want to consider the bias. Yesterday there were two winning sell trades. If you let bias influence you decision, you would have passed on these trades and had no trades.
Today, bias is still up....so you would have taken both buy trades and ignored the sell trade, if you are letting sentiment affect your decision.
I am suggesting you trade with the bias...but there will be lots of trades in the other direction that you pass on when doing this.
Think of the template as a tool. Sometimes your decisions will result in a losing trade...that's trading. Pick an approach and follow it.
That is why we are developing the EA, so we might do a thorough backtesting of a couple of these strategies. A visual inspection of the trades indicates, to me, that trading with the sentiment is a winning strategy.
Consider this strategy #1 and there are two ways to play it.
There are other strategies that will develop as we move along.
Cheers
CanuckCT
DislikedThanks. Dumb me should have known. But if I had taken break out short at 3649 I would have lost. Am I right?Ignored