When I do posts it is as much if not more for me because it helps me keep things in perspective. I am neither a bull nor a bear I am a trader and the most important thing for me is the tape or price. Buying the dips is what has been working and since about 85% of stocks follow the tape the best set ups I have been finding are to the long side. For me to even fathom getting short aggressively I need to see two things first and they start with the 60 minute charts.
I need to see the major indices break and close below their respective 60min 20sma’s and break and close below their respective lower MOBO bands. MOBO or Momentum Breakout or Breakdown is a technical term I learned from David Elliott. Instead of using Bollinger Bands we use MOBO bands with a special setting.
If you would like to know these setting please email us at FINZ.firstname.lastname@example.org and we would be happy to provide those settings.
Everyone wants to get short and I do not blame them but why fight it and try to get the top. As a trader you want to get the majority of a move say 70%. I leave calling tops and bottoms to traders who are much more experienced then I. I just want to make good trades leading to fats profits.
*Disclosure: No Positions