I saw a Fidelity Investment presentation where they told about the time they wanted to find out who all their best investors were. In the end they found out they were all dead. Dead people don't make bad decisions and the living make more bad decisions than good. So, I've come up with a checklist to make sure I'm making the best probability trades.
1. Don't trade agaisnt the stoch RSI. RIght now the daily shows the blue line (k) at 3.12 and the red line (D) at 4.27. That means no longs
2. Don't trade against the cloud. We are above the cloud so longing investment is allowed, but no margined trades.
3. Don't trade against Heikin Ashi Candles. You need to see a flat open, spinning tops, dojis etc are not entry points. I broke the rule on the 22d and got stopped out for a loss. Today is not an entry point. Green arrows pointing to other fake outs.
4. Don't trade against your moving average color indicator. This one is the CM intimate and I've found the defaults are pretty good.
Full disclosure. I am long and I''ve hated the experience the last couple of days. I longed the stab down to 8220 and have been positively terrorized by the price action. I make all my money trading continuation and loose it all trying to be clever trading reversals.
This is purely educational, its what I've come up with. You may see it doesn't work becasuse your not me, or you haven't been danced to where I am.
1. Don't trade agaisnt the stoch RSI. RIght now the daily shows the blue line (k) at 3.12 and the red line (D) at 4.27. That means no longs
2. Don't trade against the cloud. We are above the cloud so longing investment is allowed, but no margined trades.
3. Don't trade against Heikin Ashi Candles. You need to see a flat open, spinning tops, dojis etc are not entry points. I broke the rule on the 22d and got stopped out for a loss. Today is not an entry point. Green arrows pointing to other fake outs.
4. Don't trade against your moving average color indicator. This one is the CM intimate and I've found the defaults are pretty good.
Full disclosure. I am long and I''ve hated the experience the last couple of days. I longed the stab down to 8220 and have been positively terrorized by the price action. I make all my money trading continuation and loose it all trying to be clever trading reversals.
This is purely educational, its what I've come up with. You may see it doesn't work becasuse your not me, or you haven't been danced to where I am.