As you can see, some gains have already been missed out on. Still, it's an ongoing hit, with now early warning sign that it might change direction. I find that the UO is often flat for 2 or more days at a turning point.
Since we're testing the system, not my blog (my blog is not trading advice!) then I will go back to the date of the hit for the price.
On 8-30 it was about 80.45 if you split the open and close price evenly. There was a decent dip that day that could have made it much better if you nailed it perfectly.
Looking at the past, it does seem a bit reluctant to pass the dashed line, which it is now butting up against. Also, I looked at the hourly version of the evolution system where it is bearish, but since it's hourly, it could change direction in just hours and go back bullish.
Thanks for the tip on this one by the way. It was left in a comment on another post.
Just make a list of all hits to the left. Easy to follow. Fail/Success.
ReplyDeleteDashed line? Are you referring to the SMA? If it trades above, should be a bullish sign...Last time, price was above for 9 days. We shall see...
ReplyDeleteI'm saying it seems like many times the SMA is a turning point for the price. I personally wouldn't enter the position now that it's struggling to move above.
DeleteMoving averages tend to act as resistance and support. As Mannarino said, price is drawn to it and often "springs" through it as WBA just did. If you can find an equity such as this, that is oscillating around a major MA, it creates good trading set-ups.
ReplyDelete