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
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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.
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.