Education on Double RePo on 15min chart in EUR/USD past week
Hey Traders,
The Double Repo is defined by Joe as a reversal pattern that comes after thrusting market action. To be completed we need a close above the 3x3 a close below the 3x3 and another close above the 3x3Moving Average.
Although the Pattern clearly is most powerful in higher Timeframe (Daily and up) it can be traded with success in lower timeframes too. This week was a very nice setup on the 15Min EU chart that I took like described here.
I went long a bit before the 0.618 Invalid point and exited at the minimum target (50% retrace of the downmove, the double RePo followed from). My Stop was right under the low of the structure.
As you can see the move went a bit above my exit and terminated at the combination of a Fib retracement level and a Fib target point.
These levels are called "Agreement" by Joe DiNapoli and can be quite powerful .
And best of all, like most tools DiNapoli Traders apply, they can be determined ahead of time.
Thanks for reading, have a great week!
The Double Repo is defined by Joe as a reversal pattern that comes after thrusting market action. To be completed we need a close above the 3x3 a close below the 3x3 and another close above the 3x3Moving Average.
Although the Pattern clearly is most powerful in higher Timeframe (Daily and up) it can be traded with success in lower timeframes too. This week was a very nice setup on the 15Min EU chart that I took like described here.
I went long a bit before the 0.618 Invalid point and exited at the minimum target (50% retrace of the downmove, the double RePo followed from). My Stop was right under the low of the structure.
As you can see the move went a bit above my exit and terminated at the combination of a Fib retracement level and a Fib target point.
These levels are called "Agreement" by Joe DiNapoli and can be quite powerful .
And best of all, like most tools DiNapoli Traders apply, they can be determined ahead of time.
Thanks for reading, have a great week!
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