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Here is a picture with an explanation for a classic reversal bar. A slight variation is the inside bar. An Bullish Inside Bar does not make a lower low but closes higher than it opened and opposite the direction of the immediate trend. A Bearish Inside Bar does not make a higher high but closes lower than it opened and opposite the direction of the immediate trend.
Thanks, once again. I now fully understand your Reversal concept. I'll test it out next week.
1. What is your method of trade entry ? Do you enter your trade manually/using your discretion ? Do you exit manually too ?
2. Could you please give more details on your targets and exits. You earlier mentioned that "the targets are based on ATR and use market structure to exit".
1. I trade manually by placing a resting order in the market at either the top / bottom of the reversal bar. My exits are predetermined by price structure. There is some discretion used, such as avoiding fading strong trends, but mostly it is automatic.
2. My targets and stops are based on market structure. Stops are set beyond market structure and targets are set just before market structure. ATR is used to determine the timeframe which gives the market structure for targets and stops.
I would like to see better overall results in ticks per month. Seems like it averages about +30 ticks per month which, in my opinion, is average. (Or maybe it's not.) Hard to make full time income on +30 ticks per month.
In addition, I would like to see more setups (which may improve the number of ticks per month).