That is the Williams indicator reaching extreme value, either 0 or -100. In a trend you can use it entering with the trend (like now, I expect the previous uptrend to return), in choppy days you can use it as fadding the previous move... Since the R 10 (short) and my Williams signal (long) contradict each other, the best is just to get out of the short with a decent profit and wait...In the morning it worked beautifully giving a long at 1274ish, but it does fail occasionally... Also since we already revisited once the entry point, the stop loss should be moved to entry if someone still short. Just in case...
I'm not sure if I should thank you! or just kick you! Now I have to play with it! I have it on my Meta Stock. Thank you,
You may well be right...I just have to grin and bare it for the time being...good to see you have had some good trades this week....the 9-11 has been holding very well...I could be persuaded to go across to it if I get hit a couple of times off the "hard10" entry ; but for the fact that I prefer to enter with a PP confirmation.
Hey, I warned you guys, currently at 84.50... Anyway, I don't want to takeover Jagmot's journal, I just want to show that the R10 is just the entry and you have to use other indicators/strategies to get you out of the position. Also it is kind of interesting to compare which version makes more profits. On Tuesday when I got out with 4 pts he would have got the full 10 pts gain eventually, but this morning my other 4 pts gain exit was better than his ending up with a -3 loss.
Just had a peek at the Williams to look at the "turn"...couldn't identify it as it didn't hit -100...what are thesettings you use?
Nice holding. I thought that upmove would reach the stop loss. The Williams setting is 10, but several times what you see in real time is different than what is shown later on the chart.
I find Williams a little to sensitive for entries and exits. after all its a modified version of a stochastic indicator. I find using a stochastic on the 5min ( settings are 6,3,3 simple). I however do not use the squiggly lines! I monitor bar values Only(upon bar close)! Check it out! It may help you with the R10 positioning for fading tops. Remember descending values are pro shorts and ascending values are pro longs.
Adjusting my stop to 80.50...to cover any end of day push..although not inclined to think it will happen...would like a profit on the 1/3 after having to settle for low profits earlier. I can now put away the McDonalds coupons