Does trading the inside bar breakout pattern produce an edge?

We want to trade the classic inside bar pattern, a one-day consolidation that often precedes a continuation move. An inside bar is a daily bar whose high is below the prior bar's high and whose low is above the prior bar's low (it trades entirely within the prior day's range). Enter long when the close breaks above the high of an inside bar, provided the close is also above the 50 day simple moving average. On the entry bar, measure the 14 period ATR and place a protective stop 1.2 ATR below the entry price. Size the position so that hitting that stop loses exactly 1 percent of account equity. Round down to a whole number of shares. Take profit at 2R, that is two times the distance between entry and stop, placed above the entry. If the position has been held for 15 trading days without resolving, exit at the next open. Long only. One open position per ticker at a time. No leverage and no pyramiding.