The Cash+ Golden Pocket Indicator plots the Golden Pocket on the chart ( 61.8% retracement of the days High and Low).
How To Trade The Golden Pocket: - The gold region (61.8% - 65%) is the golden zone where most adds should take place. - The lighter yellow region (50% - 61.8%) is where starters may be added. - Your risk would be a break over the 65% region. - Price Targets on winning trades would be the high/low of the day, but trim along the way as you see fit.
If the price breaks through the 61.8% during the day, then the golden pocket has been invalidated for the day. THIS WORKS BEST ON TREND DAYS for the retracement entry.
If the price forms a lower low after the opening session where price action was bullish (or vice versa), then the golden pocket is also invalidated as the trend has been broken.
A broken pocket is represented with a different color shade on the cloud to indicate that the level is not as reliable anymore.
Any alerts from this strategy should be used in conjunction with other key levels or moving averages to increase probability of success.
Nota Keluaran
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Added a flag to allow the GP bands to always be shown (even once invalidated or if the bands H/L flip over).
Nota Keluaran
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Added an option to manually set the TimeRange that the GP shows up. The default is still 10am - 4pm, but users can change the default if they want to see it show up earlier. Note, earlier times mean there is more likelihood of the GP flipping or being invalidated due to the higher volatility in the first 30 minutes of the session. You may need to disable the Hide When Invalidated option if you choose an earlier time range.
Does this work with ES? I'm noting different zones between SPY and ES (relatively).
getthatcashmoney
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@rusdogg20, yes. If you set your ES chart to Regular Hours, the GP range should be relatively the same as SPY.
If you have it on Electronic Hours, then I think it's taking the HIGH/LOW from midnight or the start of the new session at 7pm the previous day. This is intended to be used with Regular Hours only.