Eh... I am not sure if it's called a "key reversal" or what. The bottom line is... When a candle close is higher than the previous high and low after many candles of downtrend with a RSI/DMI/Stochastic/ETC divergence... That is a "reversal"... And, however the technical's are set up into that reversal gives you a good idea of how many candles it will rally until it fails. If the market isn't pushing decently higher after a few candles best to cut the trade with a profit if possible and wait for the next setup. If it's running in your favor well keep holding. Hmmm... Gonna sleep in tomorrow. We need another couple hours of downtrend on the hourly before I am looking for any 5-15m long setups.
Here is how I read candles... There is a few different types. Trend candles. Uptrend/Downtrend - Solid Red/Green... First red/green candles after many of the other type are reversal candles. Then there is neutral inside and neutral candles. These candles should only be paid attention to when price is topping/bottoming. Notice, that an inside candle to me is actually any candle that closes inside of the previous high/low against trend direction. Different from the standard definition. A neutral candle is a trend that has not moved in two candles. I cross compare the 5m and 15m as the 15m are dominant over the 5m technicals. The hourly/daily only need to be checked once per hour, but should be kept an eye on because a hourly reversal will generally blow out 15 minute trade setups.
I'm just going to let the charts speak for themselves... When there is a hourly reversal, especially out of a consolidation or divergence setup... There will be dip buyers coming in so scalping long on the 5-15 minute is a good bet. Just don't wear out your welcome... The market only continues upward for so long unless were in a rally and/or internals are still pushing up hard. The more time that passes the higher the odds the established trend will end.
I don't trade stocks. I only trade the ES, TF, and sometimes the NQ. Stocks do not act the same as indice futures.