Doji star breakout FOREX strategy

Sometimes it can get difficult to correctly identify range in the market. Numerous fakeouts require lot of experience for drawing horizontal supports and resistance with confidence. This forex strategy correctly assumes, that doji star found on our timeframe signalize presence of trading range in smaller timeframes. Strategy employs highly accurate breakout signal and offers great risk reward ratio, improved by utilizing Bollinger bands forex indicator for take profit target.

 

 

Used indicators

Bollinger bands (default)

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Forex strategy rules

We will be waiting for single Doji star candle. This signalize that range is present in lower timeframes. We will enter our position on breakout candle close.

 

BUY:

 

 

Breakout candle clearly surpassing high of doji star and closing near its high (strong bullish candle).

Stop loss: We place stop loss one pip below the low of doji star candle.

Take profit: We exit with profit, once the price touches upper Bollinger band.

 

SELL:

 

Breakout candle clearly surpassing low of doji star and closing near its low (strong bearish candle).

 

Stop loss: We place stop loss one pip above the high of doji star candle.

Take profit: We exit with profit, once the price touches lower Bollinger band.

 

 

 

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“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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