Was long since 09.10.2018 from 5550. Did not exit @ yesterday's downward cross over @7.00pm. I was waiting for some recovery to exit with reduced loss but it did not recover till end. In night it further went down. Expecting 150 point loss in the morning.
Shall we exit at exact cross over or to wait for some recovery in future?
Strategy works well in trend. We have to be extra careful in sideways action on hourly timeframe.
My humble opinion.
Suggestions, comments are welcome.
View attachment 29430
Shall we exit at exact cross over or to wait for some recovery in future?
Strategy works well in trend. We have to be extra careful in sideways action on hourly timeframe.
My humble opinion.
Suggestions, comments are welcome.
View attachment 29430
hi umeship,
just a suggestion - i am new too raw/untested to offer advice. but lets try and address the problem head on.
you are sure that your strategy works in a trend. simple - use it only in a trend.
now, the tough part is - how do we identify a trend. a pullback may look like one at times too, correct. so we address this by going to renko which is clearer on this count.
from what i see you seem to use an 1 hour chart. now, i do not have any basis for this but i treat a 15 min renko as the equivalent of a 1 hour candle stick chart. (do not trust me on this one though - i could be wrong - just that visual similarity is what i based it on)
now how does your chart look to me with an overlay of 20 EMA (short trend), 50 EMA (mod trend) and 200 EMA (long trend) - again, the ema values are just kind of hit and trail because they are popular among traders and by default significant - you may use any that you feel are better.
so this is how your chart looks to me now -
short term and mod term trend down for now with the long trend still up, but kind of weak (200 ema getting kind of horizontal slowly)
200 ema breach has not occurred yet - may be tested shortly.
so now - were you in the trade for a long term, mod term or short term?. that will answer the time of your exit.
but watch out since crude is one hell of a volatile commodity. today inventory will be the key. if 200 is breached or if 200 rejects the Price bars.
just give this a thought and do not trust my words - i am on the learning curve too - just my renko logic here, lol
good trading to you