According to the overnights the futures, the Asians and the Europeans, today is going to be a down day. What this means to me is that there will be a ton of gap downs to choose from and one or two of those will turn and start going up. The best method in this case will be either a two white angel (i.e. the first 30 minutes is up and thus the first two 15 minute candles are both white with a hammer-like appearance) or a three down with a dummy spot. This is a formation that prints 3 red 15 minute candles each one becoming a bit smaller in body length followed by a doji with increasing volume.
In the two white angel format I take the open of the third 15 minute bar. In the three down with a dummy spot I take the next price that exceeds the high of the doji.
We'll see how all of this turns out later but that is what I am looking for in a down market.
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