Quote from Buy1Sell2:
By the way, your humble host was wrong on the BLD at 1260. It just wasn't there--it had no confirmation from RSI , the MA was not flattening enough etc etc etc. I just jumped the gun. By the way, I have decided to use RSI and not use CCI. The very next hourly bar was a contiunation short entry, that should have been reversed. I decided to stay long because I had only gone in with 5 units and had the hedge on. Again, I would caution against emulating this style and use hard stops instead placing then outside recent reaction highs/lows. Luckily, I was not at max position when I misread the chart, but someone with a 5K account is at max(overmax really) position on the first entry with just one lot. YOU MUST USE STOPS if that is you.
If anyone needs an explanation of reaction high/low, just ask.
Hmm, what do you mean it wasn't there? No support from other indicators I understand, but there was a BLD in the histogram on hourly. Obviously it would have been a stronger signal having support in RSI, etc, but I was looking at your short positions and looking at the triggers on weekly at the time, I see BRD in HIST and CCI, no signal from RSI and look how that worked out. So, IMO, that BLD was valid. I understand, that you are probably trying to find perfect plays, keeping in mind other readers potentially taking your calls, but let's be frank here, some calls work out and others don't. It was not a perfect set-up, I can agree on that.
I still use CCI alongside RSI and MACD and on weekly right now, if tomorrow index declines towards 100MA, that would create a BLD on CCI and I am hopeful that this will be sufficient enough for a bounce. I will add my last 2 lots on further decline towards 100MA and will abandon this position if price breaks 100MA. Hopefully, if that is to happen, I'll write off losses from this swing trade in my short term account or at least partially.
