Hope you are trading fantastic and fine. Here is another setup from Steve Primo (Stocks) Setups. He claims this can be applied on any market, and you can. Primarily focused on Stocks and Futures market.
NOTE : I DID CODE THE BOTTOM INDICATOR, NOT PUBLISHING IT, ITS JUST RSI(5)
What did I change, ofcourse I don't publish what I find, There is a bit of me in the codes..... 1. Setup only shows up at meaningful levels, Stringent Filter
This is more like catching a freight train after a mini pullback.
AGAIN, This is not a holy grail, but this fits my personality of trading, Buying pullbacks on stronger stocks. Because it is harder to get a UCS_momo_Oscillator to signal a setup, primarily because of the smoothing, you can use this as an alternative to catch the excitement trade.
Do not sit on it for more than T+4 days, Unless another setup triggered in your way.
Rule - Buy/Sell the candle breakout next day after the setup - in the direction it is setting up - Close the Position @ 100% candle extension or RSI Oversold.
Steve does come up with some nice, simple entry methods.
UDAY_C_Santhakumar
⋅
@Handicapper31, Yes it is... apparently. I will give him that though
craunico
⋅
Seems like quite a few signals are calling for long position when RSI and price are high and vica versa too. The signals are good though just do the opposite of what it says in relation to where the RSI is
Thank very much for sharing
UDAY_C_Santhakumar
⋅
my rules generated some nice profits.
IvanLabrie
⋅
Looks solid!
UDAY_C_Santhakumar
⋅
thanks, traditional version pulls in more picks. some are just not going to work. i should give steve a thumbs up for rsi 5 and 50 sma combo. the pet-d confirmation is not valid in this case
Great Strategy!
Question: When you say "Close the Position @ 100% candle extension or RSI Oversold." What should be the RSI (14 or 5)
Thank you so much