I don't really follow him but i know when we were dropping and he'd see a little strength he'd go long with a 50-100 pt stop if i recall. But again that will work well on the long side after a huge drop as most of the time you'll get big rally's. but i ask each trader this question. Can you take the heat of being down 50 plus handles before being right? Most can't . This is more of a holding overnight type trading were most guys on here intraday trade. Its not my personality to let trades go against me that much . If it works for somebody great . 100 ways to trade
Yes. It certainly can be automated as it's very specific as to criteria needed to buy and the stop out areas are mathematically calculated.
Somebody gets it folks. In addition, I am not letting my large initial stops get taken out. They are simply there to allow for the trade to work and I am out well before big losses.
I was gonna take a picture of CNBC on the TV this morning for posterity-sake. On the top was the Futures board with the Dow up 300+ points, on the bottom was the headline: "20.5 Million jobs lost in April".