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== General ==
[[File:Wedges 6.png|thumb|602x602px]]<abbr>''The 1st pullback after the reversal attempt from a wedge bottom. Among many different variations of MTR, especially [[HLMTR]] and [[LHMTR]], there are certain type of set ups that have higher chance of success, based on various factors. [https://www.priceactionindicators.com/about/ Thomas Deutschmann] had a post [https://www.priceactionindicators.com/2020/07/29/trade-the-1st-pullback-after-a-wedge-the-w1p/ Trade the 1st Pullback after a Wedge – the W1P!] that explained a concept called W1P that was originally brought up by [https://ninetrans.blogspot.com/2011/02/wedge-reversals-and-w1p.html cadaver]. W1P is actually a special case of HLMTR/LHMTRs that cadaver narrowed it down with some specific criterias so that '''trader can use them to find the best MTR set up, and avoid less-good set ups'''.''</abbr> <abbr>''More example chart can be found here:''</abbr> ''https://www.priceactionindicators.com/2020/07/29/trade-the-1st-pullback-after-a-wedge-the-w1p/. (Credit to Thomas Deutschmann)''
 
[[File:20221108pa.png|thumb|602x602px|Figure 1 - [[20221108]]]]
''A Wedge reversal (three or four pushes each with a new extreme) forming at the top or bottom of a trend is probably the most successful setup for a swing trade. The most crucial prerequisite for a Wedge reversal is a '''clear trend <abbr>channel</abbr> line overshoot''' and in particular a second overshoot, which essentially makes it a typical [[PW]].''

''Other strengtheners / requirements are:'' 

# ''Strong reversal bar (with an average size), that isn’t overlapped by prior bars or swing points, i.e. the 3rd or 4th push created a clear gap below the prior low, see 57L in figure 1.''
# ''Strong entry bar (closed around its high), preferably larger than the reversal bar, for e.g. bar 62 in figure 1.''
# ''One push move off the wedge <abbr>signal bar</abbr>, that takes out a prior swing point, indicating bulls ability to close the gap quickly, hence strong [[BP]].''
# ''Breakout test of the entry price of the reversal bar during the <abbr>[[W1P]](1st pullback after the Wedge).</abbr> In worst case, the <abbr>W1P</abbr> shouldn’t take out the <abbr>entry bar</abbr> by more than '''a couple of ticks'''. In figure 1, the W1P happened at bar 67 but was bought quickly and never get close to bar 62 the entry bar.''
# <u>''Test of high/low bull/bear close of the prior trend during the '''<abbr>W1P</abbr>'''<abbr><sup>?</sup></abbr>''</u><ref>''what does this mean?''</ref>

''A pullback after a wedge reversal gives you a measure of the market’s strength – what bulls and bears “have” and everyone in the market gets that same information. When everyone in the market reads the exact same thing, price will take off. This is why a <abbr>W1P</abbr> is extremely suitable for swing trading.''

== ''Entry'' ==
''Buy above the W1P bar using stop order. Technically you can buy the bull reversal bar for higher RR (but lower probability).''

== ''Stop Placement'' ==
''Either use a bar stop below the <abbr>W1P</abbr> bar, or for a higher probability trade (but lower reward/risk) use a stop beyond the wedge reversal signal (bar 61 in above example).''