Has anyone here tried to trade with what Tushar Chande calls “long bomb entries” (in his book Beyond Technical Analysis)?
This is a regularly arising pattern where long entries are taken after the close of two consecutive rising bars, both of which closed above the high of the last-but-one bar before them. In other words, bar 3 closes above the high of bar 1, then bar 4 closes above the high of bar 2, bars 3 and 4 are both rising but bars 1 and 2 can be anything.
Short entries the exact opposite, of course.
I’m thinking of making a couple of little adjustments to it, which seem logical and sensible to me (that’s not saying much!) but would love to know if anyone here has tried this, or anything similar?