Sunday, March 10, 2019 1:50:35 PM
GUSH Buy Signal on the 30 min chart
GUSH (or DRIP) continues to compel a trade. Looking at it this weekend the 30 min is signaling a buy, but not yet on the 60 min, 120 min or the Daily.
Look at the 4 charts below. The green boxes are buy zones and the blue box is a watch area.
The green zone boxes in four trading rules that I have incorporated:
1) Usually first is the RSI(14) coming out of an oversold condition (<30) and crossing above the RSI(14) 20 MA
2) A closing price above the blue conversion line (9-period)
3) A crossover of the 5 over the 10-period MA of price
4) A crossover of the blue conversion line (9-period) over the red baseline (26-period)
Somewhere in the green buy zone is a good place to enter long, and I like to see Rule 1 plus Rule 2 and/or 3 for a buy signal
I'm seeing on the 30 min that Rule 1 and 3 are true. Rule 2 was in play but the closing price dropped just below the conversion line on Friday.
My trading plan is to:
1) Watch the futures prior to the market open
2) Establish a position on Mon morning 3/10
3) Follow the 30-min chart to gauge an exit strategy knowing that the daily is not in great shape at the moment
GUSH (or DRIP) continues to compel a trade. Looking at it this weekend the 30 min is signaling a buy, but not yet on the 60 min, 120 min or the Daily.
Look at the 4 charts below. The green boxes are buy zones and the blue box is a watch area.
The green zone boxes in four trading rules that I have incorporated:
1) Usually first is the RSI(14) coming out of an oversold condition (<30) and crossing above the RSI(14) 20 MA
2) A closing price above the blue conversion line (9-period)
3) A crossover of the 5 over the 10-period MA of price
4) A crossover of the blue conversion line (9-period) over the red baseline (26-period)
Somewhere in the green buy zone is a good place to enter long, and I like to see Rule 1 plus Rule 2 and/or 3 for a buy signal
I'm seeing on the 30 min that Rule 1 and 3 are true. Rule 2 was in play but the closing price dropped just below the conversion line on Friday.
My trading plan is to:
1) Watch the futures prior to the market open
2) Establish a position on Mon morning 3/10
3) Follow the 30-min chart to gauge an exit strategy knowing that the daily is not in great shape at the moment
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