MES Short Double Top
Possible Double Top forming on Daily.
Fibs align nicely.
Looking for price to drop below the shoulder to 0.382 Fib.
Retrace to shoulder.
Continue dropping to the 0.618 Fib.
Trade ideas:
Trade the Daily candles down to the 0.382 Fib. Wait for the retest at the shoulder. Continue trading down to the 0.618 Fib. More aggressive. Double Top not confirmed.
Wait for price to retest, which would confirm the Double Top, and trade the Daily candles down to the 0.618 Fib. More conservative confirmation trade. Double Top is confirmed.
Trade the lower time frames (I like the 20 minute), using your favorite strategy. Use the Daily Zones as major targets or turning points. Mark your LTF zones and trade accordingly. Track your LTF trades on the Daily to keep the trend and major zones in view.
A long breakout of the “Top” zone with a retest and another long move invalidates the DT. Take the long. Enter the point of retest (aggressive) or wait for the long to close above the pivot formed by the breakout (conservative).
This idea is a fabrication of my own creative mind. It was not copied from anyone else’s idea seen here on any other site. This idea does not constitute investment advice, and isn't created for qualified investors. Use at your own risk because only you own your risk.
Fibs align nicely.
Looking for price to drop below the shoulder to 0.382 Fib.
Retrace to shoulder.
Continue dropping to the 0.618 Fib.
Trade ideas:
Trade the Daily candles down to the 0.382 Fib. Wait for the retest at the shoulder. Continue trading down to the 0.618 Fib. More aggressive. Double Top not confirmed.
Wait for price to retest, which would confirm the Double Top, and trade the Daily candles down to the 0.618 Fib. More conservative confirmation trade. Double Top is confirmed.
Trade the lower time frames (I like the 20 minute), using your favorite strategy. Use the Daily Zones as major targets or turning points. Mark your LTF zones and trade accordingly. Track your LTF trades on the Daily to keep the trend and major zones in view.
A long breakout of the “Top” zone with a retest and another long move invalidates the DT. Take the long. Enter the point of retest (aggressive) or wait for the long to close above the pivot formed by the breakout (conservative).
This idea is a fabrication of my own creative mind. It was not copied from anyone else’s idea seen here on any other site. This idea does not constitute investment advice, and isn't created for qualified investors. Use at your own risk because only you own your risk.