S&P 500 Trend Change: Buy the Breakout
Strongly trending markets like the S&P 500 tend to be good candidates for RLCO-based systems such as this one. It's similar to the Ken Long system, but I've made a few tweaks:
1. Increase standard deviation of the 30-day Bollinger Bands to 2.6 due to post-covid market volatility.
2. Ensure that no divergence exists on the OBV/CMF
3. Ensure that Bitcoin has some signs of a bounce
With these criteria met, we seem to be in an excellent position to continue the prior trend. In a related note, I will discuss how the Bitcoin downtrend is weakening as well, and that would seem to support higher prices in the S&P 500 as well.
Long with confidence, and hope to achieve the outer fib spiral (4300s). Stop will trigger if the regression line (the Dragon) re crosses the 10-day channel.
1. Increase standard deviation of the 30-day Bollinger Bands to 2.6 due to post-covid market volatility.
2. Ensure that no divergence exists on the OBV/CMF
3. Ensure that Bitcoin has some signs of a bounce
With these criteria met, we seem to be in an excellent position to continue the prior trend. In a related note, I will discuss how the Bitcoin downtrend is weakening as well, and that would seem to support higher prices in the S&P 500 as well.
Long with confidence, and hope to achieve the outer fib spiral (4300s). Stop will trigger if the regression line (the Dragon) re crosses the 10-day channel.
Comment:
Closed half - 4200 achieved. Still hope to reach 4300 in the coming days.
Trade closed manually:
yikes this is anemic.
