Setup Double 7s
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Entry and exit signals from the Double 7's Strategy by Larry Connors in his book "Short Term Trading Strategies That Work".
Larry claims this strategy predicted the market's direction over 80% of the time since 1995. Picking up the gains and being exposed in the market less than 25% of the time.
Good for swing trading on Daily charts of SPY, Nasdaq, China's FXI, Brazil's EWZ and the majority of the equity ETFs and World Indices.
How does it work?
The indicator activates the buy signal when we close at a 7-day low above the 200-period moving average.
The exit signal is when we close at a 7-day high.
There is no entry signal for selling, just buying.
How to use it?
Enter the trade with a market order as soon as the candle closes with the buy signal.
There is no stop loss order neither take profit order.
Exit the trade with a market order as soon as the candle closes with the exit signal.
Tip:
- Despite the author not recommending the use of a stop loss order, you can place one at the 200-period moving average just to be safe against unexpected sudden crashes and protect your capital.
Advantages:
- Lets you change the type of entry and exit arrows so you don't confuse with other indicators already in use.
- Can ring an alarm to draw your attention when there's an entry signal.
- Can pop an alert on the platform to inform you when there's an entry signal.
- Can send a push notification on your smartphone when there's an entry signal.
Features you can edit to your preference:
- Distance between the arrow signals and the candle's high/low
- Type of the signal arrows, based on the Wingdings font
- Color and size of the signal arrows
- Enable push notifications
- Enable pop-up alerts
- Enable sound alarms
- Sound of the alarm
Who is the creator of the strategy?
Larry Connors has over 30 years in the financial markets industry. His opinions have been featured at the Wall Street Journal, Bloomberg, Dow Jones, & many others. For over 15 years, Larry Connors and now Connors Research has provided the highest-quality, data-driven research on trading for individual investors, hedge funds, proprietary trading firms, and bank trading desks around the world.
Larry has been published extensively, with titles like How Markets Really Work, Short Term Trading Strategies That Work, High Probability ETF Trading, and The Connors Research Trading Strategy Series including his latest Guidebook High Probability Trading with Multiple Up & Down Days.
