The opening bar had large tails on both ends, essentially creating single bar trading range, the following two bar created an ii pattern, setting up an entry with profit target at the extreme of the range. In general, breakouts are 50/50 up or down, however, the probabilities are slightly increased for a breakout in the direction of the signal bar, maybe 55%.
1R trade.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-05-08 09:45:08 | WEN | buy | $18.710 | long |
2019-05-08 09:48:17 | WEN | sell | $18.850 | 0 |
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