What do we need: - RSI - Fibonachi - Candlestick Chart - Timeframe doesn't matter - Possible look left for structure This is for a SELL/SHORT trade, the opposite will be needed for a BUY/LONG trade. The system is also explained by Jason Stapleton http://www.youtube.com/watch?v=Esx1CLtq-18 Step 1 indentify a Double Top Pattern: A double top pattern is formed when price tries to rally and fails to break a previous resistance level. Between the two candle sticks of the double top there needs to be at least 3 other candle sticks and the higher high of those candle doesn't pass the high of the first candle. Step 2 indentify RSI bearish divergence: For this we use the RSI and the double top. In the chart we draw a vertical line at the candle stick of the first double top. This line is also shown on the RSI chart, we put the value of the RSI in a variable. Then we do the same a the seconde candle stick of the double top, example of the two variables. RSI_Variable_1 = 80 RSI_Variable_2 = 75 RSI_Variable_2 is lower then "RSI_Variable_1", when this condition is met we have a RSI Bearish Divergence go to step 3, if not wait for a new double top. Step 3 Wait until the market hits the lowest low of all the candles between the two of the double top. Step 4 put the Fibonachi levels in: Using the Fibonachi tool do a swing high to swing low. Using the highest high of the second double top and the lowest low of the current candlestick. If the next candle stick is lower we will use this as the lowest low, for the fibonachi step this keeps continiung until we are in a Short trade. Entry: Does the price hits the 0.618 level, start two short trades: Trade One: StopLoss: Fibonachi 0 level TakeProfit: Fibonachi 1.0 level Trade Two: StopLoss: Fibonachi 0 level TakeProfit: Not set When Trade One is closed at the Take Profit level, put the StopLoss at entry price of Trade Two with TakeProfit at Fibonachi 1.13 level. If trailing is enabled, it will be only used for Trade Two. I want to see in the chart: - if it has found a double top/bottom - what the fibo levels are, when we are at step 4 - when the trades open I want to see the TP and SL price