For David Faith SPY daily see the 2 trendlines drawn? All I did was draw to the Minor wave. Ignore single bars. A Minor wave must have 2 or more down bars or down and up bars. Put a line under it and extend. You will notice at 8/9/22 there was a one bar breakdown. You can take profit her and it will be substantial or you can just be patient and see what hppens at he next bar. Bom. It climbs above the trendline. Exit 8/18 or 8/18 NO Economics, no FED Powell, no Covid, no FA, no Earnings, no nothing. Just pure Price action. A simple technique like this guarantees you profit. sometimes it might not be much, other times it will be yuge and still other times it will shock you and go for months. Do not get out until the line breaks.
Yes yes yes, that's exactly what I am doing. first big change I made was to darken the color and thicken the line!!!! Now it cannot be ignored. Now I am checking for how it behaves together with what I already use like RSI & Macd. Then I will look for other nuance. I know I will get it. The T-Line is so damn good that its got to have compadres When I have completed the system I will PM it to you for your own use. You owe me nothing. You brought it back to life. It will be reciprocation.
There’s not only slippage and commission. There is also noise. And the question of stop placement. Yeah, just doing the opposite of a losing system and hoping for a positive outcome is wishful thinking.
Here's the full contrarian version ..................... the one-sided traded aka over crowded trade ............. bottomline: Nature does not allow such bs. The other side wins. that's the contrarian play
I just copied an image off of Google images and pasted to the thread...essentially promoting the book just because it fits OPs question so well. Larry should send me some money.