In the book "Secrets of a Boss: Revealing Proven Methods for Profiting in the Market" by Franklin Ochoa, Four different types of reversal systems were introduced and patterns are used to find reversals. I will not write a lot about the book, you should get/read it for yourself. There are many great ideas in the book, Candlesetick Reversal System, Following Trend, Time Price Opportunity, Advanced Concepts and much more.
Reversal systems mentioned in the book are :
- Wick Reversal System
- Exteme Reversal System
- Outside Reversal System
- Reversal System
I tried to add these four reversal systems to the script. If you need detailed info you better read the book ;)
1000x thanks for the time and effort you are putting into all this indicators. Although you are so helpfull for the community, can we ask for just a little bit more for this script. What realy would be amazing is an ALERT for when the Red en Blue triangles are showing.
Thanks again and i hope lots off people are supoprting you!
Currently using MACD, RSI, BB to determine my entry/exit position but sometimes I tend to exit a trade too early or late.
Would appreciate your suggestion for a combination of script/indicator to use to better determine entry/exit position in a trade please?
I am mostly long trade, weeks up to months in both AUS and US stock market.
Thank you for your input :) Have a wonderful day ahead.