I have been seeing folks pump this a a pincher for some time now. It's close to a pincher just becasue of the PPO and ADX but there are other indicators that need to be in place as well.
I personally like to see the RSI(2) crossover the RSI(5) with teh RSI(5) crossing over the "30" line. That chart looking more like a falling knife than a pincher in my book.
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