Trends - a bit of thinking
Working on setting up indicators/charts to be able to decipher that it's a trend day sooner and more accurately and then be able to trade off of that information. At least let it help guide my trading for the day. Because I'm more of a mean reversion trader, strong trends can be days that are a bit more difficult. But, I have usually not been identifying any day as a trend day but more or less just making more if it's not a trend day and less if it is. BUT, what if I use the trend day's powers against it?! or with it, I guess is more accurate. Can I just say that Bitcoin has been going crazy again. What are do we think? it clears the 60k mark high area? It has a way to go but I don't know. Don't really care much either way. I was just trading RIOT today so I watch bitcoin when I'm trading something that has to do with it (RIOT mines bitcoin). ok, next day - I got side tracked with a trade and then had some other pressing matters - student enrollment. But I'm here to finish this off. I believe that noticing trend days early in the day will prevent me from taking my natural mean reversion strategy / trades and develop better trend following strategies / trades. What is nice is that identifying trend days will not only help with learning more trend setups but it will also be advantageous for my normal strategies because I will be able to better identify when it is not a trend day - or less likely to be one. Working on putting together some charts and a watchlist to see what sectors/industries are really trending or not. Fun times. always something to be working on. Cheers!
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