Direxion Daily Energy Bear 2X Shares (ERY)

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LABD back testing a strategy for entry and stop loss once a pattern is completed.

I was just looking at more ways to confirm that a pattern is ready for a trend change and found this strategy online and am giving it some back testing. It uses the RSI 8 with the overbought/oversold set at 80/20 waiting on a divergence in price and RSI ( I know that Qone0 likes the RSI 7 or 8)




This was a possible cypher trade quickly followed with a bearish bat pattern as the Shark pattern from the first chart was forming.


And let's not forget the target for the shark


There was one more attempt of an oversold RSI, but it could not break above the RSI candle after the divergence.