Trading plan:
1. CM_Williams_Vix_Fix at local monthly bottom which can be seen as a confirmation of the primary bearish trend which started on May 21, 2021.
2. WT_LB is below oversold band which is also on monthly timeframe is indicating a primary trend reversal.
3. I will start accumulating within the range 27-23 but if it will start consolidating below 22 then close the position.
Implications:
1. This is post earnings period and Federal hike announcements/meetings have already passed. So volatility should be lower.
2. Of course this trading plan has worked out 100% in the last 5 times (of course there is an element of data mining) but trade should be done cautiously.
3. Stop loss would be if we start consolidating below $21
Reckon it does not contract to the rationale I was trying to stick to:
- Identify a trend reversal (either primary of secondary on daily and weekly timeframes)
- Get into the position after considering different tools of confirmation and setting a stop loss.
- Ride the trend until there is a sign of trend reversal (either primary of secondary on daily and weekly timeframes) and try to get it confirmed.
- Close the position.
Please enjoy and if you have any further insights please share
Do not forget to make your own assessment and research.
1. CM_Williams_Vix_Fix at local monthly bottom which can be seen as a confirmation of the primary bearish trend which started on May 21, 2021.
2. WT_LB is below oversold band which is also on monthly timeframe is indicating a primary trend reversal.
3. I will start accumulating within the range 27-23 but if it will start consolidating below 22 then close the position.
Implications:
1. This is post earnings period and Federal hike announcements/meetings have already passed. So volatility should be lower.
2. Of course this trading plan has worked out 100% in the last 5 times (of course there is an element of data mining) but trade should be done cautiously.
3. Stop loss would be if we start consolidating below $21
Reckon it does not contract to the rationale I was trying to stick to:
- Identify a trend reversal (either primary of secondary on daily and weekly timeframes)
- Get into the position after considering different tools of confirmation and setting a stop loss.
- Ride the trend until there is a sign of trend reversal (either primary of secondary on daily and weekly timeframes) and try to get it confirmed.
- Close the position.
Please enjoy and if you have any further insights please share
Do not forget to make your own assessment and research.
