As you can see Philip's set-up is extremely powerful in a down or sideways trending market. In an up trending market Philip's set-up signals an approaching top. You can tell this by the fact of all green volume bars - the down trend method has a mix. This might be the reason why it doesn't back test that well - I'll check it out when I have the time.
I've seen this several times today among the several stocks I have been watching - so that's another good indicator. This one is great - long and short indicator for the price of one.
I sold off on the indicator at 13:00 (the confirmation) but didn't buy the one at 15:00 because I don't like trading in the afternoon as a general sense.
2 comments:
Is the 13:00 candle a confirmation of a Blow-off Top (two consecutive up volume bars---the 2nd > the 1st followed by a down-volume bar)? Do you invert your BOB rules like that?
Belated Happy Anniversary!
Have a safe and wonderous trip.
Philip
PS: Just returned from a 4-day trip to Lexington, KY where my family and I spent the Easter holiday together. I checked my watchlists before looking at your blog and the first symbol I saw was DNDN. Boy, that would have been a fun trade today!
****Edit the above----I mispelled "wondrous," but that's what I meant!
Philip
Post a Comment