Dear Sam, This is the first time I am seeing the DB_BB indicator. Can you tell me why you find it useful and how do I read it properly. Thank you, Sincerely, Beauty
MarketSwingPlayer
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Hi,
I am using Decision Bar because it give good signals once tweaked on daily and weekly charts. It gives me the confidence to know when I make a decision to go long or short as confirmation.
How to Read...
Note: Trades near pivot points are low risk trades
oscillator does not immediately change color. Also, keep in mind that the oscillator does not immediately change color when it moves above or below
the zero axis. Due to programming constraints it cannot change colors between bars, so the color change
may sometimes lag the oscillator value.
Long Breakout - This is a long opportunity.
The first bar that trades completely above resistance for the duration of the Bar is the Breakout Decision Bar. You would likely take the long trade here because our pivot indicator or shows a positive bias which decreases risk for this trade.
Long Failure - Long Failed sell long- This is a selling and possible short opportunity.
It appears to show a Breakout and then reverses direction and moves back through the same resistance level. Once again we have a Failure which creates a trading opportunity. This is a selling and possible short opportunity.
Long Exhaustion - This is a long opportunity.
An Exhaustion Bar following a Breakdown is a Buying or long opportunity.
Short Failure -Short Failed sell short position if any - Buying or long opportunity.
The first bar that trades completely below support and then rise above support then continues upward. It appears to show a Breakdown and then reverses direction and moves back through the same support level. Once again we have a Failure which creates a trading opportunity.
Short Exhaustion - This is a selling and possible short opportunity.
An Exhaustion Bar following a Breakout is a Selling opportunity.
Short Breakdown - This is a selling and possible short opportunity.
The first bar that trades completely below support for the duration of the Bar is the Breakdown Decision Bar. This is a selling and possible short opportunity.
MarketSwingPlayer
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P.S. Please note, It did not give me a buy signal yet for QQQ.