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Following along here and want to make sure I am fully understanding your set up.
Please correct me if I am wrong on anything.
1. In an uptrend you are looking for a bear reversal signal where the signal bar features a low that is lower than the previous bar low and a high that is lower than the previous bar high. You would then go short on a trade below the signal bar low.
2. In a downtrend you are looking for a bullish reversal signal where the signal bar features a low that is higher than the previous bar's low along with a high that his higher than the previous bar's high. You would then enter a long position above the signal bar high.
3. The signal bars must close opposite the previous bar. For example, for a bullish reversal signal to be valid, it must close higher than where it opened AND the previous bar must have closed lower than its open.
4. Ignore reversal signals/set ups in steep trends unless the reversals are in the direction of the trend in the timeframe being traded.
5. You also use inside day bars as signals/set ups.
When looking at charts, I sometimes notice instances where the the signal bar closes on its low (or high) and the next bar where you are supposed to enter the trade one tick below/above opens where the previous bar closed and continues to run in the direction of your trade.
I am presuming that before you can even enter your orders that the market is moving through your entry point. Do you just place a market order at that time and hope the price moves back and fills you or do you just suck it up and place a market order so you don't get left behind?
I use limit orders to get in. On all of these postings I was filled with a limit order.
The market will move around even though it may look like it moved in a linear direction in the direction of my trade. If I don't get filled, I do not chase the market. I don't post the trades that I missed.
If I miss a trade on a limit order it is always a winner. I leave my resting order on until it hits my target. Once price hits the target, I remove the order. So if I don't get filled at all then I don't post it.
