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.
Note
Closed half - 4200 achieved. Still hope to reach 4300 in the coming days.Trade fermée manuellement
yikes this is anemic.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.