OW77 very good. you are now at the guru level. please play thru and add to the theme of this tread. cheers shop
However, on this attachment, we just see a DT, then going short around the 86% fib, but not on a retrace to that fib. So from what I understand, lets assume you get a 1st top. Then, you get a bottom. You use your fib tool to draw fib retrace lines from that top to that bottom. Now a standard and maybe not profitable trader would just go short one of those fib retraces and not wait for a double top. However, the double top forms, and the better trader is getting short as price has fallen from the double top to the previously drawn fib trace of 86%, which makes more sense. So you wait for price to hit the previous 86% fib with confirmations.
and for those trading the futures... here is the same chart with a diverged second leg .76 retrace both charts gave the same signal as the indi. crossed over to the south side. shop
" I assume that the secondary confirmation can be a zero lag MACD, but you could also use a specialized stoch or RSI depending on your preference........." OW77 you assume correctly.... pls browse the first 15 pages of the thread. 25,000 trades later, it is still there. shop
here is the dj30 DT chart with a histo bar osc. use anything you want they all diverge......on the second leg. shop
the money line is the solid yellow gold 174 ema the 89 ema dotted gold is the alarm when it gets into the zone. 89 under the money line shows trend direction and can also be treated as an entry zone. shop
this is how markets move........ they go up, down and sideways. it does take work. but it gets much easier if you concentrate on a few concrete repetitve patterns / setups. i never said there were no bad trades , you did....... watching the funny mentals is for losers. .............................................................. enuf mr. nice guy....... .........the news has nothing to do with it. it is an excuse to run price , jam up the retail traders, open the spread and blow those out running short on the edge of their margin. " bank traders do not give a crap about the news. ........" i repeat......... " bank traders do not give a crap about the news. ........" ................................................................ their job is to take your money. ........period they will run it down, blow the longs out, DB or DT the market , poke it out the bottom for the break out short traders, grab the pendings and get them short. then run it up or down out of the zone so they are jammed. this is called the reset. you retail idiots hope they will take it down one more time to let you out. if they have not collected enuf orders, they will .... they run it down 27 more pips....right where you clowns put your stops. they see all your pendings on their admin. platform . if they still do not have enuf to go, they wait 30 min to 2 hours and will spike it one more time to catch all the fresh meat in the last sideways period with pendings. that is why 3 to a bottom or top works in trading. after 3 trips down or up they need to move on with life..... look at your charts . this goes on every flippin" day. you also probably think your order is being matched up with some other guy in new jersey. give your collective heads a shake after you pull them out of your butt. i am an sp500 merc. member, retired. you think your 1, 10 or 100 lot order moves the game. it takes 5 to 10,00 lots to move forex and these guys own this game. your job is to get in sync. and inside their heads. they can only do 3 things and the IMF controls the max points per day banks can run a pair. they are not allowed to ruin an economy. hence the ADR number on the pairs. get on the other side of your screen and start thinking like a market maker. and tell the rest of the fools over in the live pip room to come over and read this post. now you know....... shop