RSI > 99, Money Flow > 99, %200 Volume Spike and Fibonacci Retracement Anybody using this technique for picking tops? Rule 1 the RSI is greater than 99. Rule 2 the MFI or Money Flow Indicator is greater than 99. Rule 3 the volume must spike at least %200. Rule 4 every time the Volume spikes more you keep shorting more. Rule 5 the Fibonacci retracement levels are used to scale out of position in two ways. The first is profit targets and the second is if the price crosses over a level then you get stopped out. Rule 6 (optional) if the Andrews Pitchfork is broken to the upside close out the position. Rule 7 This strategy is only used during the last week of options expiration and no Fed meetings are being held.
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No If you have 200% spike then most likely MFI will be close to 100. For that I use MVO (extracts bullish/bearish spikes) and then I wait when MFI or other money flow indicator to change its direction. Everything is quite subjective and depends on what you trade and in what time frame you are. I may keep an eye on it but I do not rely on it. I more trust volume indicators. Volume spikes and surges, volatility level, price direction and price level that's all on my opinion a trader needs.
Meaningless Useless does not necessarily indicate a top Guaranteed to fail some would argue random coincidence meaningless Why?