There is a technique I use when the strength of the order flow shows that there are more pullbacks. I trade from FavFib to FavFib. There are both inside out and outside in trades, but the outside in need to be qualified as a true turning point. I'm using my Ninjatrader charts today. They have come a long way since I was one of the original beta testers when Ray wrote just a front end to trade with through IB.
The FavFib provides a good first target. I exit some or all of my position there. If the order flow looks like it will push through, I try and find a higher FavFib to use as a secondary target. Again, exit strategies depends on the context.
The chart below is the DAX. The opening couple of hours usually provides the best opportunities as the market is out of balance if the overnight has had movement. There are a few extra indicators on the chart today as a reply to some emails from traders who want to see more info. The indicator under the CCIs is the Awesome Oscillator - a simple 5 minus 35 EMA histogram. The one below is a double smoothed Stochastic to catch the cycles. On the bottom is the volume delta but it disappears every time the chart indicators are touched. pity.The bars are Renkos with wicks, called Better Renko in NT speak. These are all available on the web. I am also running a proprietary swing analysis tool whose zig-zags you can see in yellow.
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