we were too quick to move stop loss to our entry last time and got stopped out. This time have we Triple confirmation, EMA's crossed bullish and we have RSI / MACD indicators supporting further upward movement
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Triangle cheat sheet
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SL moved to 7250
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sell signal received
Trade closed manually
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due to sell signal i've closed 50% of the position.
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Reaming sl moved to 7350
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Remaining**
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serious lack of follow through. Moved stop up 7450
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target profit has moved down as well. we are in no mans land and its not a particularly interesting position nor trade i want to be in, but that is how the situation developed. Bears are in control on the ADX and DI, and we have 3 SMA daily resistances overhead within a 200$ range. I highly doubt we will be able to break them. Due to my low position sizing i am willing to get stopped out. We did as well solidify a small loss when we were in the red. Slightly above entry now, and going to take profit if we reach close to the new target
I feel like nobody even looks at the STOCHRSI...its way overbought btw
ecicic
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@AsmaHassan, Hi Asma, thanks for your comment. The StochRSI is just an momentum oscillator with a fast reaction time depending on your preferred settings. Its calculations are different from the real RSI which is typically used. Real RSI is at 60 which has been the top during downtrends, and the rising wedge is something to consider as well. My strategy is a simple strategy that has performed well for me in all markets. I simply buy when the EMA's i have set cross bullish and sell when they cross bearish. The reason why i use an 8 and 55 EMA is because they are fib numbers and during my back testing they performed the best, as in they gave me the least amount of fake buy signals, but still manager to trigger a buy early enough for me to make a significant profit. The second part is the oscillating indicators. I use the EMA's to signal to buy and then look for the MACD and Stoch RSI to confirm. Hence i have 3 buy signals. Once two of them cross bearish i close the position in most cases. There are other cases as well but that is the basic strategy. Feel free to try it for yourself with a very small % of your portolio(1-2%) and see how it performs. If you follow the system you will for sure make money in the long term.
ecicic
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@AsmaHassan, Another thing if you are going to try it. I only trade on the 4 hour with daily in mind for crypto.(daily looking good BTW) and daily for Stocks.
wynat1805
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yeah something's off
CrissCristofer
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the stop loss it s safe at 7250
ecicic
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@CrissCristofer, Hi Criss, I agree, but i've cut my position size in half due to the sell signal.