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Doji star eaten by Alligator, FOREX strategy

Doji is on of those candle formations, that can't really tell you anything about price direction. However candle following the doji star, can sometimes give you very accurate signal. This signal is a base for this forex strategy. Alligator forex indicator is used as a trend identification method.

Used forex indicators

Alligator forex indicator (default settings)

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Forex strategy rules

Timeframe 1 H. Any currency pair (preferably majors).

BUY:

Alligator lines are visibly separated and lined according to uptrend. From top to bottom: green, red, blue.

Doji star is followed by strong bullish candle, closing above high of doji. These two candles are our signal formation. We enter our buy trade on bullish candle close.

Stop loss is placed below the low of the formation. (Doji + bullish candle)

Take profit: double the distance between entry and low if the formation. After the price travels half the distance to take profit we move our stop loss to break even and wait for trade completion.

SELL:

Alligator lines are visibly separated and lined according to downtrend. From top to bottom: blue, red, green

Doji star is followed by strong bearish candle, closing below low of doji. These two candles are our signal formation. We enter our sell trade on bearish candle close.

Stop loss is placed above the high of the formation. (Doji + bullish candle)

Take profit: double the distance between entry and high if the formation. After the price travels half the distance to take profit we move our stop loss to break even and wait for trade completion.

ABOUT US

THEFOREXKINGS

“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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—  Marian, Proprietor of TheForexkings.com

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