That's part of it. But double tops, and double bottoms, occur all over the place, as do lower highs and higher lows. To trade them simply because they happen to occur doesn't make them good trades, particularly if one has to exit a perfectly good trade in order to take them. Though some disparage the consideration of context, without it one ends up getting out of trades in which he ought to have stayed, and avoiding entering trades that he should have taken. This is why Wyckoff urges the trader to determine the trend of the market and his place in it before planning his trading session. I'm not trying to be coy here, but little is served by my providing all the answers. I've already done that. In five+ journals. So just chew on it. What is price (traders) doing before the double top?
As this chart is annotated without any method or anything rules-based, and while I don't want to speak for 40D, I should point out, since this has been brought up again, that there is no short because the counter-trend downward has been broken, assuming that you're talking about the lower high two minutes before the open. The retracement that occurs after this break, one minute before the open, would ordinarily be a long opportunity in real time. Entering a long just one minute before the NY open, however, may not be the most prudent course of action. As for the rest of the chart, the only SLA trade is the one marked in red.
Those who are watching the NQ will note that price thrust up to 16.25 fifteen minutes ago. I'm interested in whether or not it reaches 10.25 and reverses there. The open is an hour away.
If one feels that Buy1Sell2's annotations (2 years in hindsight) are more helpful to you than the actual trade that was marked on the chart at the time, then the scribbles threads are likely not for you. If it is not for you that does not make one wrong and you right or you right and scribblers wrong. It just means its not for you. Not every method, system, approach will be tradable by every person who wishes to trade. I just check one of my platforms, and there are nearly 90 different technical studies and overlays available. If scribbles doesn't do it for you, then why not look into one or some combination of those? Whatever happened to reasonableness?
It's to create an aura of mystery around a very simple, yet somewhat intuitive system. Can anyone say "stealth vendor tactics"? Remember, in the markets, if it Feels Good, Don't Do It. surf
Not referring to Eddie at all. Funny that Eddie asks me a question about my chart, and B1S2 answers that. But Eddie, (I believe it was Eddie), asked B1S2 a question about B1S2's own chart, and he has evaded answering that. What a show!