There is a discrepancy now between the daily and the weekly SharePlanner Reversal Indicator.
One would suggest that the weekly SPRI is a bearish divergence to the daily SPRI. But for now, I am following the direction of the daily SPRI:
The weekly suggests with the recent bearish confirmation of a reversal, that we should be trading short. However, the Weekly SPRI can handle a certain amount of bullishness in the short-term before it invalidates the signal that it is providing us with.
So for now I am taking the long side of the trade and following the daily SPRI, then following the weekly after the SPRI Daily reaches a peak.
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Refusing to take a loss when the trade has turned, and the reason for getting into the trade in the first place is no longer valid, is one of the biggest problems traders face. In this video, Ryan Mallory discusses the pitfalls that comes with refusing to take the loss and instead opting to become a bagholder on one's trades.
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