In today's chat, we discussed a Trend Reversal Setup, which is based on a short term trend of 15 minute candlesticks followed by a hammer pattern signal. Attached are the original "Trend Reversal Setup" strategy and my slight modification ("Trend Reversal Setup B"). The logic of this strategy is quite simple, look for:
1.) A three period downtrend based on descending (OH+L+C)/4 values
2.) A Hammer Candlestick Pattern
3.) Price to close above the high of the Hammer (the confirming signal)
Traders tend to capitalize on the 15 minute reversals that occur in the 10:30 to 11:30 (EST) inflection of the markets. Although hard to generalize, this seems to be a recurring pattern that you can take advantage of in your trading. This strategy was, in part, designed to capture this inflection, although it can clearly find profitable signals at other times as well.
My modification simply makes the confirmation a little less strict and filters out trades in the 9:30 to 10:30 (EST) trading window.
Great Trading!
Bryan
| Attachment | Size |
|---|---|
| Trend Reversal Setup.wiz | 2.14 KB |
| Trend Reversal Setup B.wiz | 2.35 KB |
I downloaded Trend Reversal Setup.wiz and my mac asked me if I should append .txt and I said no. All good. When I try and download Trend Reversal Setup B.wiz, It doesn't ask, it appends .txt. When i edit away the .txt, the file is not recognized by Prodigio. Suggestions?
One thing to try is using a different browser; Mac uses Safari by default and it might be changing the extension on the filesystem. Try using Firefox or Chrome and you might get a different result.