Candle Reversal
Candle Reversal is a strategy that trades EURUSD on 1-hour bars. It holds at most 1 open trade.
confirmations
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strategy "Candle Reversal"2
market: EURUSD3
bars: 1h4
max_open: 15
6
confirmations reversal_long:7
pattern: hammer() or engulfing(direction: up) or pin_bar()8
oversold: rsi(close, 14) < 359
support: low <= lowest(low, 50)[1] + atr(14) * 0.510
require: at least 211
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when reversal_long.passed:13
buy risk: 1%, stop: low - atr(14) * 0.5, target: 2.5RWhat this script says
Candle Reversal is a strategy that trades EURUSD on 1-hour bars. It holds at most 1 open trade.
reversal_long passes when at least 2 of these 3 conditions are true: pattern (a hammer pattern or a bullish engulfing pattern or a pin bar pattern); oversold (the 14-bar RSI is below 35); support (the low is at or below the previous bar's lowest low of the last 50 bars plus 0.5 × the 14-bar ATR).
When reversal_long passes, it buys at market, risking 1% of the balance, with a stop at the low minus 0.5 × the 14-bar ATR and with a target 2.5R from the entry.