To pinpoint a trend reversal you need to be absolutely clear about what is a trend - seeing some upward price movement does not always mean you are now looking at an uprend.
More than that you need to identify which trends and which reversals are useful for your strategy - a sudden counter-trend price movement does not necessarily mean the original trend is broken or that a new trend is now starting.
I am mostly a trend-follower, I only take reversal signals like Smash Days (Smash Days in forex).
For trend-following, I prefer to be on the long side of the main US indices and not right now - only when they are consistently rising. But in all cases I want to see price moving upwards from a recent swing low which is above the previous swing low. This means I am entering on at least Day 5 after the reversal, often later - from the bottom reversal or swing low I want to see 2 days up to a new swing high, then 2 days down to a new swing low (higher than the first one) and I will set a buy order at the high of Day 5 if it closes above the swing high.
If you noticed my entry condition for BUY and SELL trade. i am not going against the Trend. I am playing Buy Trade only for UpTrend (Current Market Price is Above EMA 200) and SELL Trade only for DownTrend (Current Price Below EMA 200). In recent changes i am using both EMA 200 & EMA 50 for better confirmation.
I am trading in direction of trend, i am Trading on Support/Resistance or Overbought/Oversold condition. Indirectly i am trading in small trend reversal but along with bigger trend.
Small drawing from my side to make you better understand :
I dont think that the amount of indicators is going to get you the desired results without really looking at how the market recently behaved. Indicators tend to distort the general market behaviour in my humble opinion.
I would advise to learn more about general market structure and how trends and ranging markets form and behave. I dont say that you have to trade without indicators but since they are built based on price and time, they can not really tell you something new which the price action cannot.
Maybe start trading simple support and resistance and if you want to use a take profit, then you could try to use a 1:1 system where your stop loss is equally spaced. This should put you in a territory where you will break even in the long run. And considering that maybe more than 90% lose money, that is not an all too bad position. From there, you can improve, maybe experiment with bigger take profit orders, no take profit orders, adding to your trades or a combination out of this.
