For those that think I just burn calvo for the sake of it, it's time for an education
Yes, it's entertaining for me, but what's more important is preventing this sort of pattern of trading to minimise other traders losing money the way calvo does
I couldn't care less if calvo or Jerry continue to lose money
This post is for everyone else that is learning how these algorithms work
Last week calvo tried 2 long entries & both got stopped out
I've posted his 2nd long entry trade
I've also posted his switch to the short trade after the drop (the same night he was telling you all to go long)
Red box is his stop loss
Green box is his entry
Blue box is his target
If his position makes money & trend forms long enough, he can move the boxes & his stop becomes at break even
Then if the trend continues, his stop becomes at a profit
Calvo needs a considerable trend (3 moves in the same direction) to comfortably make money
Which is why you always hear "market is too choppy"
Never trade like this at the start
Ever!
You can only do this after you have secured your entry
Then add to your positions if you're more confident
Otherwise you will just chase the market & keep losing money as you keep getting stopped out
This bounce still hasn't done enough to make bears nervous yet (there should be a lot of bears trying to short this level atm)
Although Jerry put his line in the sand on the other thread
So you have an idea what bulls need to break through before they can celebrate (even if we get through this level)
But I am still comfortable holding onto my long positions from friday (for now)
Until I lose my fence
(20min delay)