I11L - Reversal Trading Ideas by Larry Connors

I11L Updated   
This is my own Twist on Larry Connors Simple Tradingideas.
It Combines the RSI, Averaging In and the Lowest Bars in a Single System.
The current Configuration is designed for the Daily Timeframe.
Feel free to play with the Parameters and keep in mind that Larry Intended to buy fear and sell the greed!

The Rules are the following:

Buy, if the lowest Bar of your Configuration has been hit (default is set to 7).

---Average Down--
Buy, if the lowest Bar of your Configuration * Your open trades has been hit AND only if the buyin is atleast 1% cheaper.

Close, if the RSI closes above a certain level (default is set to 70).

There is no TP

There is no SL, so be cautions of your tail Risk!
Release Notes:
Added a Medium Term Filter to Buy only if the Close is above the 55 Day average if onlyBuyWhenAbove55Average is true.
Larry Connors sugested beeing above 200 Days, the Turtle Traders use 20 or 55 Days instead.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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