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Trend is friend and making an entry at low risk point in trending share minimizes the risk. Here is a watch list that filter for trending stocks and ensure that weekly trend is also up. I have used following equation to find the trending stock,being ROC is still a effective indicator even though simple. You can vary time period of tree month as well as percentage of gain as per your view.
TimeframeApply(31, Roc(3) > 30)
The second and third equations filter out those shares that are in correction mode in weekly time frame,thus reducing bad trades .I have used following simple equation to achievevit.
TimeframeApply(7, close > ref(close,1))
TimeframeApply(7, close > open)
It filters those shares that are at low risk entry level.Many swing traders believe that a share that close between Ema(10) and Ema(30) are in a best entry level and enter the markets making share bounce back giving an opportunity to take profit within a few days.
More over this watch list, provide the pivot points P1,S2,S1,R1 and R2 which may assist in determining suitable entry point.
I have used the following equations to calculate pivot points.T
R2 = P + (H - L) = P + (R1 - S1)
R1 = (P x 2) - L
P = (H + L + C) / 3
S1 = (P x 2) - H
S2 = P - (H - L) = P - (R1 - S1)
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.