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Double Tail Yellow Indicator
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Double Tail Yellow Indicator

  #1 (permalink)
Elite Member
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Double Tail Yellow Indicator

The Oil Money people developed a Yellow Double Tail Indicator which was good to identify reversals and Pullbacks. If anyone is familiar with this indicator would you know of someone who sells something similar or who could develop one.
It is a modified Unirenko bar of some sort.
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  #3 (permalink)
Market Wizard
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it's Unirenko with heikenashi indicator, logic of coloring the bar is probly included in Heikenashi logic.

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Ok thanks.
Nice to duplicate it!

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  #5 (permalink)
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Powerfull stuff.
Just now on Dax
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  #6 (permalink)
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What conclusions should one draw from this indicator?

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michaelleemoore View Post
What conclusions should one draw from this indicator?

Every reversal happens on a Yellow Double Tail but not every Double tail is a reversal.
I use a tick chart and other stuff to differentiate if its a reversal or a pullback. Not always right but 80% works great.

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Market Wizard
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I wonder if it color yellow because of delta divergent

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I suspect that the two delta divergences are illusory due to the heiken-ashi overlay.
The actual bar colors are likely the same as their respective delta.

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cory View Post
I wonder if it color yellow because of delta divergent

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