Thursday, January 26, 2012

ES divergency on multiple timeframe

This nice downmove was being setup entire night as you can see the buildup of divergencies on both 5min and 15min. Divergence shown on 5 min is the right half of the divergence shown on 15 min, so it is divergence within divergence on multiple timeframe. on 1 hour chart, you can see that MACD did not show the divergence while TRIX did, so while they both are very similar in most cases, TRIX in general shows more divergencies, based my observation. Fibonacci retracement and extensions are also drawn on the charts to show how they can be great advantage when used properly.

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