DislikedThis would work if your take profit was 20 pips and you traded the reversal as soon as the new daily candle opened. But the problem is the wide spreads at the new daily candle open is anywhere from 10 to 50 pips depending on the pair and that particular day. So this strategy is not viable unless you are the broker or you know a broker that has very low spreads at daily open.Ignored
the day closed when I saw a green candle with 80 pips, (open to close). I set my limit (target) at 20 pips and the
trade worked out ok. Price went down about 25 pips, then shot up. I don't see any other way to avoid the wide
spreads when the new day begins, 4:00 PM central time here in Houston TX.