corylee4870 2 Posted February 11, 2020 (edited) I'm running a standard reversal scanner to alert me of a new 5 minute high or low. If 20 SMA is above 200 SMA, alert me of a new low. If 4 consecutive 5 minute candles, alert me of a new low. If 2 consecutive 15 minute candles, alert me of a new low. If 1 consecutive 30 minute candle, alert me of a new low. The opposite is true for bottom reversals and reverse ABCDs. Here are my rules right now - Top Reversals/ABCD - I was just alerted of a new 5 minute low - Long at the next 5 minute high that is above the 8 SMA on the 2 & 5 minute charts - OR - Short at the 15 minute low if price is below the 8 SMA on the 2 & 5 minute charts Bottom Reversals/Reverse ABCD - I was just alerted of a new 5 minute high - Short at the next 5 minute low that is below the 8 SMA on the 2 & 5 minute charts - OR - Long at the 15 minute high if price is above the 8 SMA on the 2 & 5 minute charts Once I start watching the stock, I start looking at bigger time frames for levels of support or resistance. If there is a resistance level very close I will probably wait to take the trade until it crosses it. Sometime's the trend seems to continue, but this is a reversal scanner so be ready for a reversal. Maybe I should look for two consecutive 5 minute candles and a new 2 minute hi/low, but I think that would be too many alerts. I'm pretty new. I feel like this is a fairly simple strategy and I have been successful with it in the few days that I have used it. I would like to hear if you have any suggestions to improve on this. I don't have my stop loss and profit taking indicators nailed down yet. Here are several examples from today. These last two are reversals. Long at the 15 minute Hi with the price above the 8 SMA on the 5 & 2 minute charts Short at the 15 minute Low with the price below the 8 SMA on the 5 & 2 minute charts Edited February 12, 2020 by corylee4870 Share this post Link to post Share on other sites
corylee4870 2 Posted February 27, 2020 It looked like this was similar to what Average Joe Trader was teaching in his seminar. He buys at the new daily high. Share this post Link to post Share on other sites
