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In the course, Al talks about Opening Reversals at S&R. Mainly yesterday's H/L/C, the 60 & 20 EMAs.
Today on the 2 min chart, we had CC Tops at the 10 EMA. Is this setup as reliable if it's reversing at the 10 EMA vs the other S&R ? Follow up question> if we remove the 10 EMA, is this a good short without having tested the 20 EMA ?
Thanks & Great Trades
Hi w,
I think it's ok to use the 10 EMA (I may even have seen Al using it for strong trends in some webinars). I suspect that it's not going to work any better or worse than the 20 EMA or any other EMA or else everyone would only use that one. I would expect it to have same probabilities as other EMAs for the opening reversal strategy. The key is probably in applying it consistently and following your rules for entry/exit as for any other EMA.
Have you tried backtesting to see how well it works vs the 20 EMA? Maybe over 2 months of data or so?
CH
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Thanks Mr Carpet.
I saw him using it in Bonus Video 9
I would expect it to have same probabilities as other EMAs for the opening reversal strategy.
Good point. I'm guessing it's like any other S&R, if you see reactions there, then it means that it's important. Maybe if something happens at the 10 instead of the 20, then it indicates a little more urgency or strength.
I don't do computer backtesting, but when I check out older charts I will see how it reacts.
Good Trades
