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Bearish and Bullish Forex Candlestick Strategy
This is a system that is applicable to any currency pairs. Set the timeframe to 15 minute or higher.
Forex Indicator:
- Engulfment pattern
- SMA1
- SMA20
For bullish engulfments:
- White body of the current bar exceeds the high of the last dark-bodied bar (see below).
- SMA1 is greater than SMA20.
For bearish engulfments:
- The current dark body of the current bar goes lower then low of the last white-bodied bar.
- SMA1 is greater than SMA20.
Stop Loss: 3 pips above or below entry bar.
Profit Target Exit: ratio 1.1 Stop loss or discretionary.
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