Rainbow Forex Candlestick Strategy

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Rainbow Forex Candlestick Strategy

This system works on a 30 minutes or higher timeframe and is applicable to any currency pairs.

Forex Indicators:

  • (EMA’s) Exponential moving averages : 3-4-5-6-7-8-9-10-11-12-13-14-15-16-17-31-32-33-34-35-36-37-38-39-40-41-42-43-44-45-46-47
  • -48-49-50-51-52-53-54-55-
  • 21 (Rainbow)
  • Pivot levels (this setting is for intraday trading ).
  • Pattern recognition Master 7;

Long Entry:

  • Buy candlestick pattern must be above the (rainbow) green exponential moving averages.
  • Open a buy order at open the next bar.

Short Entry:

  • Sell candlestick pattern must be below the (rainbow) red exponential moving averages.
  • Open a sell order at open the next bar.

Exit position: (for intraday trading)

Stop loss

  • for buy 2 pips below the previous swing.
  • for sell 2 pips above the previous swing.

Profit Target at the Pivot levels or 15-20 pips.

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