Hi Folks,
I would like to discuss trading a RULES ONLY strategy, based on technical only. That can be rinsed and repeated with strict risk management to build an account.
In the examples. at the White arrow, there was a close outside the CAP channel, and a blue arrow (that is another indicator unrelated, showing a close outside a BB)
The most important aspect being this happens when above the 200 MA (pink), and crucially the angle of the MA (red) in between the channels is still pointing up, at the time of the alert. I know that this indicator repaints, but not fast enough that the MA could move down. So in a way this is sort of like stretching a rubber band into the overall technical picture. Waiting to "ping" off
Also the red line shows this happened on an area of technical confluence.
Trouble is, if I spend time flicking though charts looking for this kind of setup, I will take ones that are not like this, get bored, forget it will eventually happen, then once a good setup presents itself, would have wasted capital on bad trades.
I appreciate that finding confluence levels is subjective. But maybe it would be best to have an alert programmed so that:
Close outside the Channel
Blue arrow (so closed outside a BB)
Above the 200 MA - and also the angle is sort of pointing up
The MA inside the channel is also pointing up.
Then once an alert comes along, add on top any manual technical confluence levels.
Thanks
Freddie
I would like to discuss trading a RULES ONLY strategy, based on technical only. That can be rinsed and repeated with strict risk management to build an account.
In the examples. at the White arrow, there was a close outside the CAP channel, and a blue arrow (that is another indicator unrelated, showing a close outside a BB)
The most important aspect being this happens when above the 200 MA (pink), and crucially the angle of the MA (red) in between the channels is still pointing up, at the time of the alert. I know that this indicator repaints, but not fast enough that the MA could move down. So in a way this is sort of like stretching a rubber band into the overall technical picture. Waiting to "ping" off
Also the red line shows this happened on an area of technical confluence.
Trouble is, if I spend time flicking though charts looking for this kind of setup, I will take ones that are not like this, get bored, forget it will eventually happen, then once a good setup presents itself, would have wasted capital on bad trades.
I appreciate that finding confluence levels is subjective. But maybe it would be best to have an alert programmed so that:
Close outside the Channel
Blue arrow (so closed outside a BB)
Above the 200 MA - and also the angle is sort of pointing up
The MA inside the channel is also pointing up.
Then once an alert comes along, add on top any manual technical confluence levels.
Thanks
Freddie
Attached Image (click to enlarge)
