Attaches is SPY 1 hour chart.
Bullish engulfment as entry signal for example and WRB HG as profit targets are noted in chart.
Q: In the example I am bullish, and the first WRB that appears is a bearish (Close<Open) interval. Does this count as a profit target?
WRB profit targets are only intervals that results as a Close > Open (WRB) if Long. 1)
Out of curiosity, is Japanese Candlestick patterns your trade signal strategy
I ask because some users have been using Japanese Candlestick patterns when its not their trade signal or they do not understand it. Therefore, make sure your chapter 3 DOKs are via your trade signal strategies that you're actually using. For example, if you're trading wedge patterns or RSI indicator divergence patterns...only post tutorial chapter 3 DOKs via those trade methods and not via methods you're not using.
I'm only saying this because it currently is the biggest problem I see among users of WRB Analysis because the current version only uses one example for chapter 3 instead of many different types of examples. Thus, some users easily mistaken that chapter 3 is about candlestick patterns even though it clearly states its example only and you can use ANY trade method.
The newer version
(soon to be released) has more examples for tutorial chapter 3 examples like RSI indicator, flag/wedge patterns, price moving averages and many others. This new version will include my own DOKs here at the forum for tutorial chapter 3 involving me randomly
selecting charts posted by others on twitter, stocktwits involving different trade methods to show that WRB Analysis can be used with many different types of trade methods. 2)
I notice on your chart a very deep pullback soon after WRB HG pt2 prior to the price action turning upwards to reach a WRB HG pt3. Do you typically hold a position like that and where would you typically have your trailing stop placement
I do understand your chart is just an example to show the WRB pt levels.