I think this filter will only work well if the overall market is over sold....... if the maket is already running up I dont this method and this filter will work very well, because the stock had to be going down as the rest of the market was going up... not a good sign and what hits your getting is just some short covering-- IMO
Look at FAZ or TZA on the hourly chart......the 3 keys were in play
Note to self: you know nothing........only react ... do not think the market will bouce just because everyone says it will........ Missed some nice trades today because of my long bias..
Its not rocket science...... I was looking for longs all am..... and missed the obvious correct trade today.... we are still in oversold mode on the daily...... we will see what happens Monday
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