An inside bar has recently formed on the one hour time frame indicating price is pausing. Volume is also declining adding further confluence that the recent uptrend is pausing and may either continue upwards or reverse. I am biased towards both directions so have placed long and short orders. if price moves in one direction but then reverses quickly, the first order will stop and the second order in the opposite direction will open.
Trade closed: stop reached:
Even though price eventually did break out, both the long and short orders were opened and reached their stops, resulting in 2 losing trades. This strategy would have worked if I had used a higher time frame to place the stop loss placement.