Fundamentally simple and effective forex strategy, with singular goal. To find a good price for entry within the trend. CCI oscillator works as a primary signal. Additional measures are taken to improve signal reliability. Those include a simple candle formation (candle overcoming previous candle) and EA waiting for CCI to return back within the neutral zone before entering the trade.
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Used tools and indicators
Relative strength index (RSI 150). Oscillator with very high calculation period is used to identify trend/momentum of the market. All entries are only done in the direction of this trend. Adjust buy above zone/sell below zone to modify the sensitivity for trending conditions and not trade zone width (central zone signalizing range in indicators window).
We will be looking for two signal confirmations.
Candle closing below the low/above the high of previous candle.
CCI returning back to the neutral zone.
Max open trade: 11
Forex strategy rules
SELL
RSI trending below 50 zone. This will signalize downward market momentum/downtrend. Only short trades will be considered.
CCI rising above 100 line. Signal is confirmed once it returns back under the 100 line, together with bearish candle closing below the low of previous candle.
We enter short on new candle open.
Stop loss: 70 pips
Take profit: 70 pips
BUY
RSI trending above 50 zone. This will signalize upward market momentum/uptrend. Only long trades will be considered.
CCI falling below - 100 line. Signal is confirmed once it returns back above the - 100 line, together with bullish candle closing above the high of previous candle.
We enter short on new candle open.
Stop loss: 70 pips
Take profit: 70 pips
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Disclaimer: Expert advisor was tested for profitability on historical data. All screen shots provided are displaying real results of the test. However past data will never guarantee future success. Every expert advisor needs to be tested properly on demo account. LIVE use only on your own risk. Read full disclaimer. TheForexKings Team does not give any financial advice. TheForexKings does not take any responsibility for any user’s investments and investment decisions. All rights reserved. Strictly for personal use.
