Tall candle scalping forex strategy

First thing you should know about this forex strategy, is that it doesn't use stop loss. Instead it relies on its money management (trading with micro lots) and indirect hedging, as it can open up to 100 trades per side. Also, the strategy provides constant balance growth for the accounts. This makes it safer the longer it survives, providing we do not take cash out too often or increase lot size. The system was tested for profitability on high quality historical data since 2003.

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Considering that strategy haven't used stop loss and survived with small starting balance of 2000 USD should spark interest in any aggressive trader.

 

Used tools and indicators

Relative strength index (RSI 200) simple trend and range filter. Enter short only below sell below zone, enter long only above buy above zone. With this type of strategy, all you want to do is stay with the trend.

 

RSI signal (6). Fully utilized potential of the indicator. We wait for it to enter overbought/oversold zone and return back into the neutral. We enter the trade on candle close.

 

Max open trade per side. 30 in test.

 

To limit the aggression of the system:

  • Modify max number of opened trades.

  • Increase the calculation period for signal RSI.

  • Increase the size of no trade zone of RSI (distance between sell below and buy above lines).

  • Increase the time frame.

  • Leverage down the lot size.

 

All this, can make this strategy relatively safe in the long run. Anyway, as with all the trading systems in forex, extreme caution is necessary.

 

Forex strategy rules

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.

 

SELL

RSI falling below sell below zone is considered to be a downtrend signal, we will be looking only for short entry.

Signal: RSI signal rising above 70 line. Once it closes back below it, we enter the trade on candle close.

Take profit: 30 pips

Stop loss : none

 

BUY

RSI rising above buy above zone is considered to be an uptrend signal, we will be looking only for long entry.

Signal: RSI signal falling below the 30 line. Once it closes back above it, we enter the trade on candle close.

Take profit: 30 pips

Stop loss : none

Get MT4 expert advisor trading this forex strategy

 

For best results, use this forex strategy with one of our trusted forex brokers

(STP/ECN with MT4 bridge).

To win you must trade with broker on your side.

 

 

Disclaimer:  Expert advisor was tested for profitability on historical data. All screen shots provided are displaying real results of the test. However past data will never guarantee future success. Every expert advisor needs to be tested properly on demo account. LIVE use only on your own risk. Read full disclaimer. TheForexKings Team does not give any financial advice. TheForexKings does not take any responsibility for any user’s investments and investment decisions. All rights reserved. Strictly for personal use.

 

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