This week we’ve got several exit longs signals by my automated system and also a couple of go short signals. This automated system is just a back up tool and by no means do I follow it blindly…although if I did in several cases I would make lots of money….so from now on I will be looking at it more closely.
Gave an exit long at yesterday’s close. Goes short on a close below 6744. Aggressive traders could go short now but confirmation will come on a break below 6744. Daily close above 6887 re-enters long.
Also gave an exit longs signal yesterday. Goes short on a close below 2770. If only I had followed this Index for the last few years…..
Exit longs was given on 29th of January and open short was given at 13197 on the 30th. DAX is a great example of why I do not follow this indicator blindly. Check out the signals given during the sideways action it makes since mid-December. I’m working on automating the other tools that clarify signals in situations like these.
Gave an exit long signal at 23660 and went short at 23260. Turns bullish again above 23480. Let’s see how it goes. 23320 could also be used as a level to exit short positions if Day closes above it. Aggressive traders could use 23480.
The above indicator is used in combination with classical technical analysis, wave theory, ichimoku clouds in order to reach my final conclusion on what position I should take. What I’ve learned so far from using it, is to not ignore the signals, if I’m on the opposite side from what the indicator tells me, do it only for max 2 days, otherwise I’m wrong.
Will keep on posting more charts like that here and on twitter (@alexanderyf) to see how it goes. Thank you for taking the time to catch up on my thinking.