=>"The Trend Is Your Friend!"
So I have a great trend-following setup right here.
We have a MDRP Down (=Momentum Discrepancy Reversal Point) Confirmation on the RSI. Which means: New higher high on RSI but lower high at the market. This is our strong signal that the new downrally started!
We have a huge great Uptrend so we want to pick it up. Market Retracet at the 0.618 fib Ratio which is one of the if not the most important fib ratio out there. Additional we have a double top on lower timeframes at the 0.618 retracement, which gives us further confirmation!