Multiple entry with Doji + RSI, Aggressive FOREX strategy

This forex strategy uses multiple entry on doji candle, in volatile market conditions marked by RSI forex indicator. RSI marking either overbought/oversold zone signalize either reversal or rapid trend continuation. Hesitant Doji candle in this case, serves only as method of marking a range where breakout is expected. Due to the multiple entry approach it is better to use this forex strategy in timeframes above 1 Hour (including).

 

Used forex indicators

RSI (relative strength index) 14

 

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Forex strategy rules

We identify doji candle (open price is equal, or almost equal to closing price) in either overbought conditions (RSI over 70), or oversold RSI below (30).

Once we identify doji candle, we place pending orders.

  • Buy on doji high.

  • Sell on doji low.

Take profit and stop loss for both pending order equals price range of the doji candle.

After one of the positions is triggered. We double the size of untriggered pending order.

 

 

Price very rarely stays in tight range established by doji candle. Second order does a good job in profiting on fakeouts, however it happens from time to time that even second position turns out to be a fakout. In this case we enter the position for the third time.

 

3. Entry.

Placed on price level of first failed order with same TP and SL. This time we trade 2x the size of second order.

We get 3 chances to turn our entry into the profit.

As you may guess winning trades are much more frequent than losing ones.

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“Trading FOREX since 2006. Full time trader and web developer since 2013. My two biggest hobbies are trading and web development. In TheForexKings I managed to connect both of them. Even after 12 years of trading I still have the same passion for the market as at the beginning. The aspect I enjoy the most : development and testing of new ideas.” 

 

Only in 2016 - 2017 we have created more than 400 forex strategies. During this period we have also developed and published +200 MT4 Expert advisors based on those strategies. We are dedicated to provide you with viable and complete trading systems that have thrived in extensive historical testing. We want to give you complete and transparent trading solutions, that once mastered ,will set you financially free. We want to give you a fighting and winning chance in the market. ” 

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