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Friday, December 14, 2012 10:32:17 AM
EJ Hourly Chart
Had some questions about the TDI trade setup and why the TDI didn't quite hit the neckline on the retrace. An exact hit isn't required. The key here is to watch the price action. What you want to see is a single bearish candle close that causes the TDI to start rolling over as it gets close to the neckline test on the bearish head and shoulders pattern. I have the bear candle circled at the top on the chart here. When that candle closed, the TDI started the rollover process. That was the signal to enter short.
Had some questions about the TDI trade setup and why the TDI didn't quite hit the neckline on the retrace. An exact hit isn't required. The key here is to watch the price action. What you want to see is a single bearish candle close that causes the TDI to start rolling over as it gets close to the neckline test on the bearish head and shoulders pattern. I have the bear candle circled at the top on the chart here. When that candle closed, the TDI started the rollover process. That was the signal to enter short.
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