This is my own Twist on Larry Connors Simple Tradingideas. It Combines the RSI, Averaging In and the Lowest Bars in a Single System. The current Configuration is designed for the Daily Timeframe. Feel free to play with the Parameters and keep in mind that Larry Intended to buy fear and sell the greed!
The Rules are the following:
---Buy--- Buy, if the lowest Bar of your Configuration has been hit (default is set to 7).
---Average Down-- Buy, if the lowest Bar of your Configuration * Your open trades has been hit AND only if the buyin is atleast 1% cheaper.
---Close--- Close, if the RSI closes above a certain level (default is set to 70).
---TP--- There is no TP
---SL--- There is no SL, so be cautions of your tail Risk!
Notas de prensa
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Added a Medium Term Filter to Buy only if the Close is above the 55 Day average if onlyBuyWhenAbove55Average is true. Larry Connors sugested beeing above 200 Days, the Turtle Traders use 20 or 55 Days instead.
There is a delay in last bar. Shows only after bar is closed. Can you fix this please?
MoMoPower
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I don't understand the lowest bar? Can you explain further?
I11L
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@MoMoPower, each tick in the chart is a Bar, depending on your timeframe. If you use the daily timeframe, it would look back at the last 7 days to see, if it the bar has been closed on the lowest low for the last 7 days.
MoMoPower
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@I11L Got it. Very Cool. I really like this strategy. Thanks for sharing with the community! It seems very consistent returns for what I am looking at. I like that you numbered the Pyramiding also, I've never seen that before. It helps keep each trade set very clear on the Trade Log. One odd thing I noticed in the trade log is that #2 and #3 have a double entry. One small position and one big and with the same prices. I test 33% account allocation with 3 Pyramiding. Is that meant to occur or is it an accounting error?
I11L
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@MoMoPower, thats an error in the trade log. I added to the trade instead of giving it a new Trade ID because this is currently messing up with the performance reporting, overstating the expected performance.