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Correction tunnel breakout - FOREX strategy

by ulFX: Hello guys, today I would like to present you with my forex strategy. I have been trading it with minor variation for about year. Currently I am using a bit differently so there is no reason for me not to share a previous version that worked very well for me 

The strategy: This system uses CCI to identify tunnel. I am also using standard trend lines, but I am well aware that many people are drawing them differently so the results would vary too much.

Anyway, system works just as well with CCI. As we all know, every trend has its corrections. Minor trends going against it. With my forex strategy you enter the trade in the direction of main trend, just at the correction end. Sounds fun right ?

For the best results, trade with professional ECN/STP broker with MT4. If you can't trade with profit. Automatically copy the traders that are already profitable.

Used forex indicators

CCI (commodity channel index) 80. Add additional zero line. It will separate uptrend from downtrend.

Forex strategy rules

Start with line graph of EURUSD at timeframes above 15 min.

BUY:

Correction tunnel breakout - FOREX strategy

CCI trending above 0 line. This is considered to be uptrend and we will enter long trades only.

Look for at least two consecutive highs each lower than the previous one. Ideally 3 or more.

The highs will be represented as peaks in the price structure. Connect them with trendline and switch to candle graph.

Correction tunnel breakout - FOREX strategy

Once in the candle graph. Wait for bullish candle being fully formed above downwards sloping trend line. Enter the trade long on its close.

  • Stop loss is placed couple of pips below corrections low.

  • Take profit: Usually I exit the trade based on circumstances, however CCI falling below 0 line works as well.

Sell:

Correction tunnel breakout - FOREX strategy

CCI trending below 0 line. This is considered to be downtrend and we will enter short trades only.

Look for at least two consecutive lows each higher then the previous one. Ideally 3 or more.

The lows will be represented as downward pointing peaks in the price structure. Connect them with trendline and switch to candle graph.

Correction tunnel breakout - FOREX strategy

Once in the candle graph, wait for bearish candle being fully formed below up sloping trendline. Enter the trade short on its close.

  • Stop loss is placed couple of pips above corrections high.

  • Take profit: Usually I exit the trade based on circumstances, however CCI falling below 0 line works as well.

Hopefully you will like my forex strategy and it will bring you positive results. However, as with all forex strategies that require some drawing, experience is necessary. Practice makes perfect !

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