You can see from the Profile below that the RTH close on Tuesday was 1285.00 and the market was sold off leaving a big zipper down. The VAL is around 1289.00.
Now look at what happened next: after the RTH close, the market rallied back up almost to the VAL. The 99EMA held the market. The 0.75 Range Bar chart showed a double top and a failure of the rally. Order flow quickly reversed here making one of our typical patterns of a pullback and thrust in the down trend.
SOLD!!!!!!!!!!!!!
"Funnily" (what a coincidence he says with tongue in cheek), the market came down and was helped by my Fav Fib, again forming a double bottom.
This is bread and butter text book stuff for the purely discretionary trader. Making trades like this on a discretionary basis is necessary to make good money, otherwise, using an algo to grind out those repetitive with the trend trades over a longer period of time is the way to go.
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