Price Breaks Level, Reversal Entry

[JonathanG]

I Use Fib on 4 hour for my trading strategy. Reversals expected at 1.27 and .618, you know what im getting at. But sometimes price will extend quit far past before reversal.
Now I was wondering if there was anyway to set a price alert lets say at 1.5841. Once price touches or breaks this line the indicator waits for price to reverse X pips (adjustable) or break of X bars (adjustable, depends on time frame used). Also if the alert option could be looped so it just keeps playing until shut off. With email capabilities.
Thanks