This forex strategy is almost explained in its name. What it does, is it tries to get a nice price to enter a trade. It has no complicated entry mechanism. Strategy plays with the fact, that to profit long term, you simply need to get statistically better price for your entry and do so consistently. There are many ways to achieve this. This system uses combination of bollinger bands and ADX indicator. Strategy was tested on high quality historical data since 2003 with very results.
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Used tools and indicators
Average directional movement index (ADX period 50) Indicator will identify trend. We will confirm the trend by making sure that the main ADX line is trending above 10 line (add it to indicators window). This confirms the trend momentum regardless of its direction. Once we have sufficient market momentum we compare position of DI- and DI+ line to identify trend.
Break even conditions: Even the best position can sometimes turn to loss. This strategy includes the break even condition to almost completely avoid such an unpleasant event in our trading.
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Forex strategy rules
SELL
ADX main line trending above 10 horizontal line. Momentum of trend is sufficient.
DI + line trends below DI- line. Downtrend according to ADX indicator.
Price touches the upper Bollinger band and closes. We enter on candle close placing SL and TP accordingly:
Take profit: 10 pips
Stop loss: 60 pips
Break even after: omitted in test
For signal reset, price must close at least one candle with high below the upper BB.
BUY
ADX main line trending above 10 horizontal line. Momentum of trend is sufficient.
DI + line trends above DI- line. Uptrend according to ADX indicator.
Price touches the bottom Bollinger band and closes. We enter on candle close placing SL and TP accordingly:
Take profit: 10 pips
Stop loss: 60 pips
Break even after: omitted in test
For signal reset, price must close at least one candle with low above the bottom BB.
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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.
