In this week's chat, I discussed aspects of a Wizard Lab strategy that seeks optimal entry points for trade positions under a market direction bias.  Attached below is the Wizard Lab strategy which also contains the rule, which you can save to your computer and import into Prodigio.  Remember that the key concept here is that you can add multiple filtering conditions to your automated signals to create scanning systems.  There will always be a tradeoff between the quality of the signal and the quantity of signals, which depends on the specific parameters of the rules involved.  Adding too few conditions will produce too many signals, whereas adding too many conditions may filter out all relevent signals.  Always experiment with your strategy in back-test.

Also, as suggested in the chat, remember to think in terms of affirmation and confirmation.  By affirmation, I refer to the "declaration" that something is happening; by confirmation I refer to the "validation" that something is happening.  Your affirming rules should be the primary instruments defining your strategy (e.g. crossing Bollinger Bands); your confirming rules should support and back up your idea (e.g. overbought/oversold RSI values).  When creating confirmation rules, it is often beneficial to think in negations (e.g. go short if it's NOT oversold).

See you next week and great trading!