10Perecent - I think you're looking too short term for DB's From...

10Perecent - I think you're looking too short term for DB's From my understanding it needs to rise above the low for a period of time, smack off a resistance point and then bounce back off the initial low, the longer the period between lows in a W formation double bounce, the more reliable is the DB. The other thing is that DB's are notoriously unreliable, unless there is a break above a previous resistance level (the middle peak in the W formation) on a right upswing leg. Failure rate of a reversal on DB without this breakout is more than 50% but falls to 3% on the right leg breakout (only if it gets above the middle highpoint of the W). To see this in INL look at the low in 22 Jan 08 which was touched again 18th March 08, as soon as the subsequent action went above 0.078 on 3rd April it went off like a rocket. A DB from here needs to see the action go up to 4c get smacked back to 3.2c then rise above 4c again. Another on INL (in fact a better example) was back between 2005 and early 2006. Action fell down early 2005 to 0.045 rising above this for months then falling back to touch 0.045 again 20th April 2006, subsequent trading above 0.084 (middle point high in the W) confirmed the DB breakout and off she went to 12c a month later in the first cycle then off to the giddy heights of 30.5c (hard to believe right now eh?)