Simple but effective!
Thanks very much, Mike!
The question is….what are your indicators predicting about the future here on Feb 11?
Joe K had a great saying about his charts and the mentality of trading.
He would say “they call it FUTURES not PASTures” for a reason.
what is the exit strategy?
My greed will determine my exit $$$
My greed will determine my exit $$$
Thanks Mike!
That means no exit strategy!
Great question cutworm!
Actually, when the rsi is around 50 and the price bars are trading between the moving averages,I set a close stop. I have an automated stop using Think or Swim, if a crossover or RSI below 50,it sells
Sounds like a great strategy that can work in strong moves in one direction like this one, Mike!
Great trade!
Note that using the same strategy on a short last year, would've taken the trader out in Sept, then barely out in Oct. from the RSI nudging above 50 but its been clear sailing, outside of a close call with the early Jan RSI dropping.
However, the entry point of your long, from a spike bottom and powerful crossovers in your indicators in November was pretty dang decisive and it's been a 1 way train to Profitsville after that with the powerful, sustained upmove.