This is the re-visited version, I changed the exit strategy per yesterday's discussion. Helps to have my thoughts laid out and as simplified (yes/no) as possible. This defines my edge.
Determine the required trade triggers
The Finger
Entry: Is the available price close enough to the stop? Does the market support the expected direction?
Exit: Is the stock still moving in the expected direction?
- Have the candles changed size (from larger candles to smaller candles)?
- Has the candle closed on the opposite side of the 7-period EMA?
- Is this the largest candle of the day? Has it retraced more than a third of the way?
The Outbreak
Prior to Entry (alert setting): Does the stock show clear lines of support or resistance?
Entry: Is the entry price close enough to the stop? Does the market support the expected direction?
Exit: Is the stock still moving in the expected direction?
- Have the candles changed size (from larger candles to smaller candles)?
- Has the candle closed on the opposite side of the 7-period EMA?
- Is this the largest candle of the day? Has it retraced more than a third of the way?
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