Here’s the first test in /ES Previous close was 57.25 Opens at 40.00 goes to 37 than goes through open to 47, comes back down breaks trendline..now retracing.. OR is 42-40 So shorts only, range extension to downside may not be done.
- EMA bearish - New low (range extension) - OR gravitating back 2740-2742 Action: only shorts should be entered, it’s even better if it can stay below OR. OR becomes the tripwire, becareful to enter shorts if Price is above OR.
frankly I doubt that.... and let me explain why any so called trading rule(s) should have a theoretical base, some axiomatic predicates developed by studying the market and finding its fundamental properties and laws (you did not indicate any) this base should in turn explain each and every rule and number in the list above or similar to it, and more to that to allow trader properly apply the rule in any variation of market situations that can and will be be developing along the day especially when one is in position otherwise line after line in the list above appears as just as arbitrary provision why 240 tick not 380 or 150...?, 180 EMA, not 120...? why crossover, why news, why retracement , etc etc... lunchtime(he-he).... may be you have those explanations, but they are not here, and without them it looks just as hodge-podge of some out of the blue provisions (not even rules) and anyone (maybe except the author) trying to use them sooner or later will fail miserably. on a constructive note let me add some thought of what trader should be doing when trying to compose list of the rules first, one should define (and be able to explain to oneself) in specific terms the definition of the trend (how and when it starts and ends) and on find all the trends on the charts of the time-frames in play secondly, to do the same with support/resistances invariably all trading rules should will fall within outline of those two major definitions
@qxr1011 You nailed it. My feeling is mutual. Just too lazy to type it out. It seems OP is a smart guy, but after reading this one, I doubt he seriously trades using a haphazard approach like this.