The Outside Bar Forex Swing Trading Strategy
The Outside bar is a candlestick that has its high and low overshadows or engulfs the candlestick before it. It can be bullish or bearish.
Bullish Engulfing pattern or Bearish Engulfing pattern are the other terms for outside bar.
Bullish and bearish Engulfing Pattern:
- Place a buy stop order 2-5 pips above the high when the there is a bullish outside bar formation. If bearish outside bar appears, place sell stop order 2-5 pips below the low.
- Place stop loss 2-5 pips below the low of the candlestick if you are in a buy position and 2-5 pips above the high of the candlestick if you are in a sell position.
- You can take profit at the previous swing high or low or 1:3 risk and reward ratio.
- You can also trail the stop behind the low if it’s a buy order and above the high if it’s a sell order.
- Stop loss distances are huge which means you need to calculate lot sizes based on the risk you are willing to take.
- It may take a while to see some profits because the outside bar has moved a great deal already and the next 2-3 candlesticks may not move much distance like what the outside bar has moved.
- Avoid trading using outside bar on areas that are not significant.
- Easy to identify, easy to understand and easy to implement.
- It can give you big gains if you ride out the swing or trade in the direction of the trend.
Forex Strategies Installation Instructions
The Outside Bar Forex Swing Trading Strategy is a combination of Metatrader 4 (MT4) indicator(s) and template.
The essence of this forex strategy is to transform the accumulated history data and trading signals.
The Outside Bar Forex Swing Trading Strategy provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust this strategy accordingly.
Forex Metatrader 4 Trading Platform:
- Free $30 To Start Trading Instantly
- No Deposit Required
- Automatically Credited To Your Account
- No Hidden Terms
How to install The Outside Bar Forex Swing Trading Strategy?
- Download The Outside Bar Forex Swing 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
- Right click on your trading chart and hover on “Template”
- Move right to select The Outside Bar Forex Swing Trading Strategy
- You will see The Outside Bar Forex Swing Trading Strategy is available on your Chart
Click here below to download: