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.

Share your opinion, can help everyone to understand the forex strategy.

Write a comment

Comments: 4

#1
chamane (Tuesday, 07 April 2015 19:21)

You can add a 50 sma as a buy/sell line to filter out a few bad trades.
#2
jennifer martin (Monday, 29 August 2016 00:45)

if you want to spread this around, do not force people to use the windows app store to get at the above indicators. not all so called modern stuff is better. a simple download is sufficient.
#3
shaan (Wednesday, 31 May 2017 12:05)

well it's really good strategy,
but i didn't understand SMA1 ? why did you put SMA1 .. could you please explain .
#4
Alan (Monday, 23 September 2019 01:57)

Hello, How do you install this?