I read this thread with interest so thought of giving this a try.
Cfudge, cool you keep posting here your setups. I did spot the same setup. The way I understood this system
is to look for divergence around the opening time on m5 and than zoom in to m1 and place entries at potential supply.
This is what I did spot.
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placing my entry based on m1
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Too bad price was came short to trigger me and left without me.
Attached Image (click to enlarge)
I did remove the pending order. Will have a look at this tomorrow.
GT3: thanks for sharing
I subscribed to one guy who used this technique on yen pairs
it seems to work best with yen pairs hence the relevance to the DJIA market
I trade index market as well just like you
so I haven't read all of the replies
but it seems to identify the blocks you need higher TF?
and once you identify the blocks then you look for entries level on a shorter TF while looking for divergences?
does that summarize your technique?
I am honestly questioning this "strategy". I tried it for some time and it seems after the divergence happens the price may just keep traveling in the previous direction bringing your entry to the stop loss. I have a feeling there is another play possible on the fake move of the NYSE open, if that's the case. I am doubting anyone with an account 50K or more would trade this gamble. Whoever was trying it for a few weeks, would you agree?