TradewithPuneet: Pro-Pullbacks

The Pro-Pullbacks strategy is designed to trade pullbacks. In other words, this strategy will give you:
• BUY signals: When in an already established Uptrend, a stock falls but then resumes its upward trajectory.
• SHORT signals: When in an already established Downtrend, a stock rises but then resumes its downward trajectory.

Through this strategy, we aim to trade in the direction of an already established trend by entering on a pullback. Thus, instead of trying to catch the whole trend, this strategy tries to profit from an already established trend.

The strategy uses certain filters to identify whether the stock is in Uptrend or Downtrend. Next, it identifies pullbacks to an identified trend. Pullbacks are sometimes too short or too deep. This strategy ignores such short & deep pullbacks. Finally, it identifies certain threshold levels (for confirmation), beyond which the stock is expected to resume the original trend. If the stock closes beyond the threshold level, it gives the necessary BUY or SHORT signal.

The strategy guides you the price level at which to enter a trade. You can enter your choice of target profit and stop loss levels.

This strategy is only built for stocks, not for indices or any other financial instrument.

Release Notes:

The strategy is designed to show trade signals only when there is no blue dot at the bottom of the chart. Recently, I found an instance where the trade signal appeared during the trading session, but disappeared later even when there was no blue dot. Corrected such anomaly.

Release Notes:

Made a minor change in one of the unused conditions. This change makes no difference to the previous version.