we have a directional change on the Dow and the S&P 500 for Monday the 6th
That would mean going down again if previous directional change turned up?
How do you identify turning points? I have seen in manuals that one just has to look for highest bar but on each array different date is the highest bar.
Turning points and arrays are not 100%, I think it is best to just trade reversal elections. But if you go there, each array is different because charting is proportional; if there are more dates to see, then what appeared to be the highest bar might be the case only in that timeframe; on a longer timeframe, it would not the as major of a turning point.
Some lines on liquid products:
Euro:
https://i.imgur.com/WLsdQrn.pngDow:
https://i.imgur.com/JSbhmWJ.pngGold:
https://i.imgur.com/uG4d83u.pngOil:
https://i.imgur.com/QqEYLIp.pngTrades don't come often on any individual product, and only the first touch is traded, so plenty of other products with alerts on them are needed to generate a few notifications per day, but some days the fish don't bite. The strategy doesn't work well on illiquid things. Patience and waiting for the easy trades is what is key here, rushing headlong into dumb trades is a surefire way to get killed. But you can see that there are certain points where the market reacts for sure...the question is how to organize these fractal properties into a usable trade depending on the strategy. I still can't predict overnight moves and trend, but I think I will begin to change the color of my lines so that they align with weekly charting. Eg gray is a normal reaction point, but it may also be a weekly reaction point, so making it blue implies a stronger point and might be able to influence the daily. In the same way the daily chart is used to trade intraday. Maybe Socrates' Reversals are something similar to this, although I don't think so...but sometimes there is overlap.
Don't need a large move when trading closest Friday DTE's; a few percent move from a single candle is plenty. I also forgot to mention on StrikeEagle's post about commissions; they are limited to only $1 per option for a maximum of $10/trade when using Tastyworks, regardless of the number of options bought. So you could buy 100 and technically have it be $0.10 per option...there are a lot of discount brokers out there.