Buy Dip Sell High by BahagHariThis indicator help to buy the Dip. But not just simply buy the dip and catch the falling knife.
We look for the break out of inside candle before we execute a trade.
Inside candles are those candles who did not break the previous high and previous low.
Instruction given is for buying the dip, kindly reverse the idea in selling high.
Rule #1: We do not buy the dip, instead we put a buy stop onto the high of the most recent red outside candle.
Rule #2: If a new downward outside candle appears, we move the buy stop to that new candle high.
Rule #3: If an inside candle appears, we move the buy stop back to the previous outside candle high.
A line keeps following the price action, it was drawn to easily spot the inside candles and set stop buy above(Long)/below(Short) the line.
Useful for more precise entry but should not be used solely. Need to be combined with other indicator.
