14# Bullish Engulfing" and "Bearish Engulfing pattern trading system
Candlestick pattern forex strategy
Submit by Janus Trader 18/04/2013
Time Frame 15 min or higher Works best on the highs time frames.
Currency paira:any
Metatrader Indicator
Engulfment pattern
SMA1
SMA20
Look out for bullish or bearish engulfments.
I reproduce the classic engulfment patterns in Figure.
Entry:
For bullish engulfments: buy at market price when
the white body of the current bar exceeds the high of the last dark-bodied bar (see below) and SMA1>SMA20.
For bearish engulfments: sell at market price when the current dark body of the current bar goes lower then low of the last white-bodied bar. (see below) and SMA1>SMA20.
Stop Loss: 3 pips above or below entry bar.
Profit Target Exit: ratio 1.1 Stop loss or discretionary.
In the pictures Bullish Engulfing" and "Bearish Engulfing pattern forex system in action.
Engulfing Bar Alert
bullish engulfing and bearish engulfing
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