Quote:
Originally Posted by philmypants  I watch the 4hr chart for this strategy. I always have a 25, 50, and 200 day sma on my charts. In last Sundays case at 8 central the starting point or later T/P was set and it was in an oversold position right off the start. ( a long way from the 50 day SMA and the 14 day RSI was low almost at 30) The limit sell was a perfect place since it happened to be at the down trending 25 day SMA.
So as it happened, the price is set and it triggers the sell right where odds are it will decline again and trigger the T/P. Textbook.  |
Thanks for the MA info,
Actually, this week, the trade I call better than textbook. The trade was triggered very quickly and closed very quickly. Usually, the trade does trigger until Tuesday or so and closes on Wed or Thu. This week it was all over on Mon.
Rick