Two revised HP checklist criteria

Thanks Alan

After extensive consultation and considerable deliberation an overnight meeting of the checklist committee has voted 1 to 0 that the above revision should be revised as follows:

RSI is coming from overbought/oversold (as appropriate) AND the overall 7-10 day trend is in the required direction.

SStoch is coming from overbought/oversold (as appropriate) AND the overall 7-10 day trend is in the required direction.

For both RSI and SStoch, non-HP moves rarely exhibit BOTH criteria.

There is no longer a 7-10 day time limit on overbought/oversold.

E.g., for a long the last extreme position of the RSI and/or SStoch should be oversold (this is usually, but not always, within the last 10 days) and the overall trend drawn over the last 7 to 10 days should be up.

Don't you just love committee work... Based on this set of criteria... what's your score on Platinum at the moment?

Ahhhh the bureaucracy...reminds me of my days as a government asset.

I get a score of 16 today.  It's basically as high a score as you can get coming from narrow BBs.  Under the previous criteria it would have been a 14.

Thanks a lot Alan. And pass on my thanks to the committee as well.   Is the 24 hour RSI direction still in the list?

Roger that Nathan, will pass a motion on it. Yep the 24 hr rsi is still in

Occasionally the 7-10 day predictors can be a little tricky to interpret.  E.g., if you look at the gold short on 11/11/16,  both the RSI and SStochastic were already oversold and stayed that way throughout the movement.  However on the day of assessment, which was when the MACD had adequate momentum, the last extreme positions of the RSI and SStoch were overbought and the 7-10 day trends were down. 

Also, it's important to remember these supporting predictors are not assessed alone:  if the four essential predictors are not fulfilled then it's not an HP movement because the total score is < 4.

Ok thanks.   Thats a great example.