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Im looking at a confirmed reversal on the daily 2b , old faithful . 10/15/10 new high - 11/4/10 new high , close below the low of 11/4 was on 11/5 @1.4028 . These things always happen on a friday ( like always even exists ) .
Heres the documentation , even a confirmed double top to boot . I see the crown too but I know better than to fall for all this "positive ID" now its a downtrend stuff . If its falling I want be short , if its rising I want to be long .
I highlight the divergence to look at the swing of price during the main trend, I trade them on some volume key levels, see volume profile, that for me is more important. I use other timeframe and indicators, like cumulative delta, vwap with standard dev., and some others that show me some important volume behaviour, so my trade is not only based on macd divergence, but more on a comprehensive volume analysis. I usually don't hold position for long time. What I showed here was the starting of the downtrend from a higly important volume level, the VPOC of the 12-10 contract, and if one would like could hold a short position starting from 11-11-10 that to now could be about a 450 ticks trade, (not bad ).
I notice most times that the volume profile levels coincide with fib and static SR levels on the daily . I dont have the futures volume and bid ask numbers from the spot market but do notice the coincidence when those that have these levels post them .
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