helgenson

Trade idea with Bollinger and RSI

AMEX:SPY   SPDR S&P 500
Hello everyone,

the first indicator which i used are the Bollinger bands , to see how the trend could running further. The last candle was a down candle but the wick is under it, that is showing a pump up for going further in a bullish market. The Bollinger are tested from this candle and would it be, that the next candle breaking the third Band of the BB it could be a next sign for a bullish course.

The second is the RSI which i use to see in what periods the market is oversold, or overbought. Thats a signal for get in with a trade, or stay out. Above the 20 mark i use that point for building a trade channel, so i get in a trade where in both ways is a possibility for keeping the premium.

Getting a imagination how wide my channel should be, i look up over the ATR the move in the market is in one week. But we will see whats happen on monday, after the news are now came out.

Best wishes
I think it's been pretty well proven that indicators do not provide any edge in trading.
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helgenson mikejody
@mikejody, thats true you cant see the course, but i use those indicators as a support getting in, or better to wait for the moment.
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