Bearish and Bullish Forex Candlestick Strategy

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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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