3 Bull and 3 Bear candles strategy
This is not my idea, I just saw it by chance and posted it to share it and ask for opinions. Can this really make money?
illustrate:
This is a 3-bar setup, but only one bar determines the direction of the next candle. The first two candles will produce the PIP range for the TP target. This PIP range can also be used for stop loss levels, so this approach becomes a 1:1 reward for risk.
Purchase settings:
The closing price of bar (2) must be higher than the previous candle's high.
During the development of bar (3), or when the candle is fully formed, the price must touch the opening price of bar (2).
IMPORTANT: It must be the same bar type, in this case, since bar 1 and 2 are both bull bars, the third bar must be a bull bar at the close.
And the closing price of this third bar must be higher than the closing price of bar (2) (preferably its highest point).
Enter long trade/buy at bar close (3).
Calculation is performed from the lowest price of bar (1) to the highest price of bar (2).
This will serve as your take profit and stop loss levels.
Sales settings:
The closing price of bar (2) must be lower than the previous candle's low.
During the development of bar (3), or when the candle is fully formed, the price must touch the opening price of bar (2).
Important: It must be the same bar type, in this case the third bar must be a short bar at the close since bar 1 and 2 are both short bars.
And the closing price of this third bar must be lower than the closing price of bar (2) (preferably its lowest price).
Enter a short trade/sell at bar close (3).
Calculation is performed from the highest point of bar (1) to the lowest point of bar (2).
This will serve as your take profit and stop loss levels.
Attached are pictures of the buying and selling setup for your reference.
==========================
I went back in time to find the exact settings and so far the results are pretty good!
illustrate:
This is a 3-bar setup, but only one bar determines the direction of the next candle. The first two candles will produce the PIP range for the TP target. This PIP range can also be used for stop loss levels, so this approach becomes a 1:1 reward for risk.
Purchase settings:
The closing price of bar (2) must be higher than the previous candle's high.
During the development of bar (3), or when the candle is fully formed, the price must touch the opening price of bar (2).
IMPORTANT: It must be the same bar type, in this case, since bar 1 and 2 are both bull bars, the third bar must be a bull bar at the close.
And the closing price of this third bar must be higher than the closing price of bar (2) (preferably its highest point).
Enter long trade/buy at bar close (3).
Calculation is performed from the lowest price of bar (1) to the highest price of bar (2).
This will serve as your take profit and stop loss levels.
Sales settings:
The closing price of bar (2) must be lower than the previous candle's low.
During the development of bar (3), or when the candle is fully formed, the price must touch the opening price of bar (2).
Important: It must be the same bar type, in this case the third bar must be a short bar at the close since bar 1 and 2 are both short bars.
And the closing price of this third bar must be lower than the closing price of bar (2) (preferably its lowest price).
Enter a short trade/sell at bar close (3).
Calculation is performed from the highest point of bar (1) to the lowest point of bar (2).
This will serve as your take profit and stop loss levels.
Attached are pictures of the buying and selling setup for your reference.
==========================
I went back in time to find the exact settings and so far the results are pretty good!
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