ADSK is highlighted today on the CoPilot and I have mixed feelings about it.
Yesterday during my OVI Traders Club Meeting I picked it as a flag from my own personal flag filters. Overall I liked it except for those horrible long-tailed bars on August 23rd and May 17th, which can be so damaging to a trade.
The other thing that I don’t like in an ideal world is when the breakout has already happened. Statistically speaking it’s not such an issue, but for my own personal taste it is.
Again, as I mentioned last time, the CoPilot generates automated signals, and despite its historical performance that doesn’t mean you have to blindly follow it if the opportunity doesn’t resonate with you. Ultimately you have to feel comfortable with the trades you’re placing, and you do have a choice.
In terms of more testing in the background we’re investigating trades that haven’t already broken out by extending the consolidation phase (again mainly because I don’t like them, not because of any statistical issues), and also a shorter term in-and-out CoPilot with more trades, that I believe most would prefer. Among other things this would mean a radically reduced P1 but many of my successful students do employ a tactic of ultra conservatively placed P1s either by closing half their positions or by raising their stops.
More about this soon.
All the best
Guy