Engulfing bars | Forex indicator download - MT4/MT5 resources - MetaTrader 5 resources

Hey everyone,

I've been testing this live for a while (with a small account) and found it to be very reliable. I'm not going to spit out numbers and statistics because they only relate to me and my trading psychology.

I trade Devour gold bullion every day. Basically, near the daily bar close, if the current bar engulfs the previous bar, then I would place a limit trade in the direction of the engulfing bar, approximately 30-50 pips from the high/low, depending on the direction. Only the body of the current bar needs to "engulf" the body of the previous bar. There are a few other PA things to look for, but these are the key rules I need to meet before considering a potential deal. I use no other indicators other than pivot points. I use these as a guide for TP and SL levels, although lately I have been using the ATR of the last 5 bars to give my SL.

I've attached a few examples to illustrate what I mean.

Does anyone else trade anything similar?

cheers,
Art...