Forex Bullish Bearish Engulfing Candlestick Trading Strategy
Forex Bullish Bearish Engulfing Candlestick Trading Strategy:
Time Frame 15 min or higher Works best on the highs time frames.
Look out for bullish or bearish engulfments.
I reproduce the classic engulfment patterns in Figure.
For bullish engulfments: buy at market price when
the white body of the current bar exceeds the high of the last dark-bodied bar (see below) and SMA1>SMA20.
For bearish engulfments: sell at market price when the current dark body of the current bar goes lower then low of the last white-bodied bar. (see below) and SMA1>SMA20.
Stop Loss: 3 pips above or below entry bar.
Profit Target Exit: ratio 1.1 Stop loss or discretionary.
In forex a trading strategy is a fixed plan that is designed to achieve a profitable return by going long or short in markets. The main reasons that a properly researched trading strategy helps are its verifiability, quantifiability, consistency, and objectivity.
For every trading strategy one needs to define assets to trade, entry/exit points and money management rules.
How to install Forex Bullish Bearish Engulfing Candlestick Trading Strategy?
- Download Forex Bullish Bearish Engulfing Candlestick Trading Strategy.zip
- Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
- Copy tpl file (Template) to your Metatrader Directory / templates /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your forex strategy
- Load indicator on your chart
How to uninstall Forex Bullish Bearish Engulfing Candlestick Trading Strategy?
To shut down an indicator, one has to remove it from the chart. At that, its drawing and recalculation of its values will stop. To remove an indicator from the chart, one has to execute its context menu commands of “Delete Indicator” or “Delete Indicator Window”, or the chart context menu command of “Indicators List – Delete”.