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Inside/Outside Bar Bar Strategy
I have been trialing both the inside and outside bar strategy and have some questions for anyone who is familiar with these strategies. For the Inside Bar approach, I identify stocks at today's close that are totally engulfed by the previous days candle. The previous day is called the "Mother Bar". Now, when the mother bar high is exceeded in tomorrows trading, that constitutes a buy signal. I have ..say a watch list of 20 stocks on alert to signal when the mother bar high is taken out. Some of these stocks will trigger the alert throughout the day..some early in the day and some later in the day.
1) My question is does the time of the day when these stocks are triggered indicate the potential strength of the move ? That is, is an early trigger in the morning more meaningful that a trigger later in the day ?
2) Second question is: anyone have feedback on what strategy : Inside Bar vrs Outside Bar is felt to be the most effective.