The simplest form of TA is,
If green Month Candle = Buy
If red Month Candle = Dont buy.
I did some backtests using a scanner with my buy and sell signals on FX etc.
The results were profitable, but I separated the scan to only trade in the direction of the Month Candle Colour and results were about the same.
The scan done trading the opposite direction to Month candle colour had a neutral zero return.
So what I can take off it is never buy a stock with the current Month candle Red.
But if Month candle green, then do all your other checks and if you think its a buy then buy.
Stop would be set at Month open of that candle, so if the Month candle Turns red = stop out
The simplest form of TA is, If green Month Candle = Buy If red...
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$4.64 |
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| Open | High | Low | Value | Volume |
| $4.59 | $4.66 | $4.58 | $5.056M | 1.092M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 10000 | $4.63 |
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| Price($) | Vol. | No. |
|---|---|---|
| $4.64 | 33521 | 4 |
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