Pyramiding (adding to the winner) in one of the most aggressive approach you can take towards the forex market. When done right, it can literally double your trading account within few hours. And the best part is, you are not really risking that much. In this forex strategy loss of any trade is limited to the range of entry candle in 30 min timeframe. In favorable conditions, you can end up with position 10 times bigger than standard size and stop loss already protecting most of the profits.
Used forex indicator
Bollinger bands (default settings)
Forex strategy rules
We trade on 30 min timeframe of any major currency pair.
SELL:
Bearish candle closed below bottom BB.
We enter short on candle close. Stop loss is placed one pip above candle high.
We will enter short on every following bearish candle that closes below or at bottom Bollinger band.
We always place all of our open stop loss orders on high of current entry candle.
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Profit target is not predetermined. We simply exit all of our short positions when price reaches high of our last entry candle (triggers stop loss on last entry signal)..
Notes: We the new position in the series only on lower price.
BUY:
Bullish candle closed above upper BB.
We enter long on candle close. Stop loss is placed one pip below candle low.
We will enter long on every following bullish candle that closes above or at upper Bollinger band.
We always place all of our open stop loss orders on low of current entry candle.
Profit target is not predetermined. We simply exit all of our long positions when price reaches low of our last entry candle (triggers stop loss on last entry signal).
Notes: We the new position in the series only on higher price.
