Nobody's perfect. That was a divergence trade. There was divergence on the 15m, 5m and 1m charts, PA was bouncing off the spine of the 5M rainbow, which was in an uptrend (the aqua line) and off the 200 LWMA on the 15m chart (the green line) which I have noticed is almost always good for a bounce. And PA was coming out of the 32 percent oversold on the traders dynamic index which is usually pretty reliable. Also there was a double doji on the 15m chart right there.
Couldn't resist.
For a regular trade, PA should be above/below at least the 5m and 1m coral for a long short. But in divergence trades you ignore the coral.
Couldn't resist.
For a regular trade, PA should be above/below at least the 5m and 1m coral for a long short. But in divergence trades you ignore the coral.
DislikedHi Miss Pipps.
I noticed you took a trade at 10:09 on this chart. I was wondering why this qualified. It is not above the coral on the 5M chart. It is also against your rainbow/trend. Can you specify why it qualified? I see it is on the 68% fibo.
Any and all help is appriciated.
also wanted to confirm it must be above the 5M and 1M coral for a Long and Below both for a short. Correct?
DanIgnored