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2 Doji Candlesticks Forex Breakout Strategy

2 Doji Candlesticks Forex Breakout Strategy can be used when you notice two Doji candlesticks form one after the other.

You really don’t care about whether the market is going to go up or down because of whichever way it goes, you want to catch that breakout so what you do is place pending buy stop and sell stop orders on both sides to capture that breakout.

Timeframes: 4hr and daily

Currency Pairs: Any

Candlestick Pattern: Doji

Forex Indicators: none

TRADING RULES
Here are the trading rules:

Watch until you spot 2 consecutive Doji candlesticks on the charts
next thing you do is mark the high and low of the Doji borders
wait for the third candlestick to close
if the third candlestick closes above the upper border, buy at the market and place your stop loss 2-3 pips below the low that you marked in step 2 or you can place it 2-3 pips below the low of the third candlestick.
if the third candlestick closes below the lower border then sell at market and place your stop loss 2-3 pips above the high that your marked in step 2 or you can place it 2-3 pips above the high of the third candlestick.
for profit target, you can use previous swing highs for a buy order and swing lows for sell order or you can target three times what your risk.

2 Doji Candlesticks Forex Breakout Strategy-price action trading strategy

ADVANTAGES OF THE 2 DOJI CANDLESTICKS FOREX TRADING STRATEGY
a very simple trading system based on price action.
potential for explosive price moves that can get you hundreds of pips easily after the breakout.
risk to reward is great when trade goes as expected and can bag you hundreds of pips easily.

DISADVANTAGES
the setup may not happen frequently so you may need to watch a lot of currency pairs to make sure you catch this trading setup happening.

Source

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07 Jan 2019 4:57 pm Posted by tamilforex

 
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