Tailored for long positions using DIA, this strategy utilizes a 15-minute timeframe and is backtested over 7,000 candles. It identifies potential reversal points using momentum indicators combined with specific candlestick patterns. Being developed on an ETF, it might be suitable for similar investment vehicles.
Entry Conditions
All of the following: # "Yankee"
15min Momentum (5, close) Increased
Any of the following: # Reversal Candle Entry 2
15min Doji Evolves
15min Hammer Evolves
15min Engulfing Bullish Evolves
Exit Conditions
All of the following: # "Uniform"
15min Momentum (5, close) Decreased
Any of the following: # Reversal Candle: Exit Condition
15min Doji Evolves
15min Engulfing Bearish Evolves
15min Inverted Hammer Evolves