Thursday, June 22, 2017 11:45:03 AM
For the past several weeks I have been following Patrick Walker on twitter. He trades a very simple daily chart using 8 and 21 emas (chart shows 21ma, need to change) and 50ma.
His perfect trade is a pb to 50ma and then a close above 8ema with vol. His chart gave a weak buy (vol a bit low) on May22nd, just as my 60min chart did, so it was a good cross check for me.
If a stock is very strong, he is good with a pb to 21ema.
He would for sure close the current trade out with a close below 8ema.
Even though I don't trade his chart per se, it does help to put my 60min chart more in context with a bigger picture.
His perfect trade is a pb to 50ma and then a close above 8ema with vol. His chart gave a weak buy (vol a bit low) on May22nd, just as my 60min chart did, so it was a good cross check for me.
If a stock is very strong, he is good with a pb to 21ema.
He would for sure close the current trade out with a close below 8ema.
Even though I don't trade his chart per se, it does help to put my 60min chart more in context with a bigger picture.
Trade the Charts and not the Heart - Expect the trend to
continue until it doesn't - Realtime is the real deal
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