Davids Double RSI
December 25, 2008
Definition:
Developed by Andrew Cardwell in the early 1990s, this indicator is a good identifier of short-term divergence in RSI and price, and when combined with bar reversals (on long trades, when high is greater than low, and on short trades when low is greater than high).
Interpretation:
David B use it to identify Fibonacci patterns that have hit and bounced off of a key level, and is ready to run in a given direction to a new price resistance or to a new Fibonacci target.
The indicator can also be used to identify key divergences in price in 21-period or fewer timeframes. Typically those divergences also end in Fibonacci pattern.
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