#1, you exit the trade regardless of the profits you have accumulated. . Ref(Day -1) OR BarIndex 0; printf n NewDay : " NewDay EndDay (Day! Aggressive traders may take the trade as soon as breakout happens while conservative traders may wait for a specific period or price move before entering. I dont want a protective stop too close that it is hit by fluctuations in the market that dont challenge the trade.
The intent is not to copy anybodys work but to share knowledge. 1 2 3 Reversal, you can see there is nothing complicated about this price pattern and the 1 2 3 reversal is simply a breakout of highs or lows after an impulse/corrective move in price. In fact, the pullback after the breakout can be a way to add to your position. Traders may, once they recognize the pattern on a higher time frame, drop to a lower time frame and look for the same pattern on a smaller scale. Consider a market in an uptrend and youve entered early on in the move. Over extension will often lead to mean reversion and entering a trade just prior to mean reversion can make for a painful trade. I have not done any back testing on it but I dont see how that would be an edge especially if you believe that most breakouts will fail. . You can take further action at 2R and 3R or use Fib bk forex promo code targets to scale out or exit fully at the.0 which is the length of 2-3 of the 1 2 3 reversal pattern Hope this helps and please share this trading post!