Disliked{quote} Thanks. Yes you’re right. I never used the Fib tool, still needs some practice. Have you tested just using the center of the opening range as your reversal entry point. If you plot/draw the Fib using the high/low of that defined range, the 50 level should essentially be the same. Not sure about SL/TP levels yet.Ignored
If the range is 1 0.5 0 and direction is 1 to 0 and entry is .5, then your risk would be 1 to .5 and rr is 1 to 1 atleast.
Stop loss should be at 1 and tp atleast at 0. I find any rr less that 1 to 1 to be a waste. But thats just me.
You can get away with .3 as entrence and .9 as tp. Or .6 as entry and 0.1 as tp. Its a nice 1 to 2.
But with the reversal of the 15 orb, 1 to 2 is the norm and you can reach a decent tp for more than that.
I believe in playing the odds. So higher rr even if your win rate is low will always beat a higher winrate with low rr.
One way to augment for using the 50% is you use the highest open or close as your range for the breakout.
Ill give an example
1m
https://www.tradingview.com/x/YOiWDBBH
5m
https://www.tradingview.com/x/qnESfowk
Trading is gambling. So gamble responsibly.
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