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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