Is better to wait for a Doji confirmation but I was struggling on Stop&Reverse too so I share my view (not that it's right lol)
Looking at your 15m chart I would have waited for a BO of the bearish white line WITH bullish momentum (or a bullish momo above the bearish one) before looking for longs.. btw i noticed that price was at a 50% of a bigger bearish momentum (CC), I'm still doing this mistake but Big Pic/Scenario is important.
About the Reversal Strategy i decided to look for a fail on the same tf of my previous opposite entry (15 min in this situation).
Phil wrote:Attached a scenario i find myself in quite often. Probably im not as used to this as you all are so i need to 'learn' how to avoid those
if that is possible.
When you look at the M15 chart first, you will see we have a sema #3 at the bottom. This is a good time to start marking right.
As you can see i've marked the last m15 down momo with a line, white, and the 1st m15 up momo after the sema #3 formed. This line i marked in blue.
GBPJPYM15 momo zone.png
Now i also placed a vertical line to see where the last m15 closed when the momo up zone had formed and it closed above the box. This is a signal to go long. To avoid to much drawdown we're supposed to wait for a retrace. (another thing i need to force myself to)
When you have a look now at the M5 chart below, you will see i have for this excersise put on the M15 as an overlay on the M5 candles.
Price comes back within our momentum box and we could go long.
What happens next is that it closes below our box as well as on the M5 as on the M15. First question and probably a dumb question but i rather ask to clear the fog> when i mark my momo box on the m15, shouldnt we wait for a close below the box on the m15 too or do you prefer to close in loss once it closes on the m5 below your box?
Next one, it closed below we have exited our long. It closed WITH momo on below our drawn box. Are we supposed to jump in right away and double to make advantage of the stats or is it better to wait for a retrace first before going short with double size?
GBPJPYM5 entry and possible reverse.png
I hope its not disturbing you guys those questions, just want to improve. It just happened to be that i was looking at this after i posted the chart before. So i didnt trade this one.
edit> Just looked at the chart, and the Reverse and double up would've worked out like a charm! I just lack confidence...