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Today open, was a perfect example on how to trade Rotational moves, using Volume Profile, Price was testing Value Area High @ 87.30, Our indicator spotted a Negative divergence between price and volume and momentum was overbought, price couldn't go higher, then the ration started all the way down to test the Value Area Low @ 86.70, this setup happens often and could be all the opposite too, (from low to high) this is perfect to trade on Sundays, (although i don't trade on Sundays) could be a profitable setup.
Since i couldn't find this indicator i will post it here.
Based on Market Profile, easy to spot Value areas, it works better on 30 min charts, to draw the lines to other charts, use global draw.
JD, thanks for posting, seems to help me trading. I have a question regarding your divergence
indicator. Could you explain or image your settings for your volume and price divergence inputs for
the divergence indicator. Or basically your settings.
No problem, i use this indicator to spot correlation between the markets i trade and USD Index, normally if USD is above/below 0.2/-0.2 you can say that a correlation is working, i mean if USD goes higher the Crude, Russell, etc will go lower and IF USD is lower the rest should be higher, also helps you to "see" the overall direction of any market, so you can go with the trend and decide for higher % entries.
you can find the data here Futures Performance and is free, you should refresh the page to see updated info.
We have some important news right at 8:30 AM ET, that impact directly on Crude and USD, at the moment, i see the USD overbought but could gather momentum and continue up if the news are really good, this will bring the Crude down, it looks poised to test the PLOD, all this will be clear after the news.
so far we have a good correlation between USD and Crude and Russell, USD +0.3, CRude -0.4, Russell -0.4