ETHUSD SHORT - Apr 24 (☔ Reverse Trapping Lighting v1)

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This pattern is a Grade C
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Decided to relook the strategy and redo the strategy validation by run a manual backtest from 15 March to 18 April where the regime changes from bullish to a bearish range on the D1 chart.

I am aware that once the regime changes and need to revert back to the original Long strategy

New Observation
The pull backs still happen but they rise and stall into a range before falling. Because of the nature of the range there are opportunities for us to take tight stops to limit risk and still have clear TP at the next S/R lines

Entry

• Step 0: Identify Regime - Is the D1 still below the 20 SMA
  
• Step 1: Identify Period of indecisiveness
  
• Step 2: Bullish price shoot up
  
• Step 3: Mark Limit entry and SL
  
• - Go trade: Risk Reward ratio no lower than 2
  
• - Bad trade: Risk Reward ratio <2
  

Depending on patterns I will adjust the bet size accordingly

• Grade A - 100% Bet, 9.5 units - $500
  
• Grade B - 50% Bet, 4.75 units - $250
  
• Grade C - 25% Bet, 2.3 units - $121
  

• Backtest performance: 15 Mar - 18 Apr 2024, 1 Hour candle
  
• Average 1 Trade per week
  
• Total Trades: 5
  
• Lose: 1
  
• Win: 4
  
• Total Profit: 6,709.90
  
• Profit Factor: 38.27
  
• Deepest Drawdown: -2.32%
  
• Highest Run-up: 11.59%
  
• Average Trade: 1,341.98
  

Will continue to iterate the strategy as the live trades flow in

Trade closed: stop reached:

Bleah but, lets go!