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Hello,
I would appreciate help in writing a formula which uses the multi-day
setup shown below to signal reversal trades off support and
resistance levels.
The rules for going Long would be;
Day 1: The market makes a 10-day low.
Day 2: The market retests the Day 1
low not less than eight trading days
later. A retest occurs when either: a)
Day 2 makes a low that is lower than
or equal to the Day 1 low; or b) the
Day 2 low is below the Day 1 close.
Day 3: The market subsequently closes
above the Day 1 low.
Day 4: Go long when the market moves
above the Day 3 high.
The rules are reversed for short trades.
Warm Regards,
Tony.
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