Here are the Tools you will need for this part of the course:
- Fibonacci Retracement Tool
The Slingshot Trade is a trade that takes advantage of the C leg of the RatioTrader Trade, however it relies heavily on the RSI for confirmation.
After the market has made an X to A (impulse leg) and has retraced to the .50 or .618 area, we look to see if the A has gone overbought or oversold. If the RSI indicates that after the X to A occurred that the impulse leg went either extremely overbought or oversold, we then look to buy or sell the pullback to the 0.618 retracement.
|Click here for video training of the Slingshot Trade|