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Prodigio/Wizard Lab Chat - 02/01/2012

Prodigio/Wizard Lab Chat - 02/01/2012 -Developing a Rule-based RSI and Bollinger Band (BB) Dips and Rallies Strategy in Wizard lab



Scalp-Based BB RSI Dips and Rallies Strategy

The strategy developed in today's video session has a relatively simple premise:

"Looks for scalping-based short opportunities for stocks (assumed to be relatively consolidating) based on High being above the Upper BB and RSI crossing above 70."

As we were able to demonstrate, some simple mathematical concepts can be an extremely powerful way to improve your trading.  Below, you can find the long and short versions of the strategy for import into Wizard Lab.  I encourage you to watch the video if you missed today's Prodigio chat as it demonstrates two very good signals that accurately depict the ideas behind the logic.  It's important to remember that, as with all scalping-based strategies, you need to focus on a basket of symbols that you are very familiar with.  This lets you apply your own experience to the trades, which should always be the final governor in any automated or semi-automated system.  It also helps you tune the automated component closely in line with your general trading strategy.




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