Here is the chart detailing our analysis during the 6/29/11 trading session. As you can see, we had a long bias until certain conditions occurred (failure of buyers supporting price). On the chart, it details when our long bias turned to a short bias, This is following a 123 reversal signal of ours, after a failure of buyers supporting price. Prior to that, we let short signals pass us by, and waited for B.O.T. Long signals before entering the market.
In order for us to consider long trades again, we need:
- Failure of sellers resisting price
- Consider 5 min HA long signal
- we also want a 123 long reversal occurring with a simultaneous B.O.T. Long signal, this strengthens the counter short-term trend signal for us, and has a higher probability of having buyers supporting price.
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