THE SHORT-TERM TREND IS DOWN, I HOLD NO POSITION OVER THE WEEKEND
As mentioned in today’s intra-day comment, SPY down 5 consecutive weeks doesn’t guarantee a green week the next week. In fact the statistics are pretty bad and most important of all, most cases, if not all, happened in bear market. And about the next Monday, seasonality seems not good as well for the recent Monday, although I have statistics arguing for 61% chances a green Monday. All these, I’ll discuss in the weekend report. For now the most important thing is to enjoy your weekend!
A few TradingMarkets long setups triggered today, all claimed to have above 80% winning rate. And indeed those who were brave enough to follow in the past did gain a lot with no single losses. Now it becomes a little bit complicated, because if the winning rate is fixed, even 90%, still it got to lose sometime eventually, so the question is: Will it be this time?
The chart below highlighted all the past cases when the TradingMarkets RSI(2) related long setups were triggered in the past. Draw your own conclusion from the chart, I’ll have no further comment here.
Those who follow Cobra Impulse System, the potential long setup is no longer valid today and one more down day the next Monday, it’ll sure ask you to tighten your stop loss!
MECHANICAL TRADING SIGNALS:
|2 of 2 BUY
|5 of 5 SELL
|5 of 5 NEUTRAL
|Cobra Impulse in SELL mode; Non-Stop in SELL mode.
|6 of 6 NEUTRAL
|INSTRUCTION: back test is HERE, signals are HERE.
|Short is for aggressive traders only.
DEMO ACCOUNT FOR SHORT-TERM MODEL: