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A few questions is the hook reversal pattern valid if the closes are equal? what if the hook reversal is lower than the previous bar ?? Or open price is high or lower than previous bar depending whether at market top or bottom !!! And regards to open price reversal is the pattern valid if the closes are equal ?? Thanks for you time and appreate the feedback
AshishPatel24 7 months ago
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AshishPatel24 7 months ago
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AshishPatel24 7 months ago
good basic info..but this wont make u a dime in real world of trading :)
szubaark 3 years ago
Hi szubaark,
It depends on how it's used. No candlestick or price bar reversal will make consistent profits if traded as a standalone mechanical system.
However, when used to indicate shifts in short term sentiment at an area of potential low risk / high reward opportunity (eg. S/R), then reversal signals can be profitable.
As stated early in the candlestick series, we have to consider the context of where the pattern is occurring within market structure.
Cheers,
Lance.
YourTradingCoach 3 years ago
great vid , I love the inside bar break
1stavros1 3 years ago
Yeah, I love the inside bar. Especially on the longer timeframes when combined with NR4 - great signals.
YourTradingCoach 3 years ago
sorry Lance but what do you mean by NR4?
1stavros1 3 years ago
Sorry - shouldn't use acronyms.
The ID-NR4 is a setup involving an Inside Day (ID) which also has the narrowest range of the last 4 days (NR4). Sometimes you'll see it written as IB-NR4, referring to inside bars rather than days (for intraday timeframes).
I've seen it in a number of sources, but I believe the first (or at least the one that popularized the setup) is the excellent "Street Smarts" by Linda Rascke and Larry Connors.
YourTradingCoach 3 years ago