Wide Range Bar pattern and Strategy
Recently , I have read about Wide Range Bar pattern. However I could not find any strategy based on that.
WRB paatern is to find the Wide bar from last 7 candles and take long position on next green candle ....
To test whether WRB 7 pattern , I have slightly adjusted to fit in my startegy ...
Instead of 7 bars , script will check last 5 candles
with 1.5 multi factor
RSI 3 to check whether price pulled to OverSold zone.
I call it as WRB5 and RSI3 strategy.
Entry
When WRB found in last 5 bars.
RSI 3 must be below 20 reading
wait for a green candle ( i.e close > open ) ( Note : wait cant be mmore than 3 candles. if more than candles , cancel the setup)
Exit when RSI3 reaches 80 level
Stop Loss : defaulted to 5% (purple line below the Long entery bar sow sthe stop loss)
Let me know what you think about this idea
WRB paatern is to find the Wide bar from last 7 candles and take long position on next green candle ....
To test whether WRB 7 pattern , I have slightly adjusted to fit in my startegy ...
Instead of 7 bars , script will check last 5 candles
with 1.5 multi factor
RSI 3 to check whether price pulled to OverSold zone.
I call it as WRB5 and RSI3 strategy.
Entry
When WRB found in last 5 bars.
RSI 3 must be below 20 reading
wait for a green candle ( i.e close > open ) ( Note : wait cant be mmore than 3 candles. if more than candles , cancel the setup)
Exit when RSI3 reaches 80 level
Stop Loss : defaulted to 5% (purple line below the Long entery bar sow sthe stop loss)
Let me know what you think about this idea
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