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tst
Nov 29, 2014 12:08 AM

Engulfing pattern day trade Short

New Zealand Dollar/U.S. DollarFXCM

Description

Confirmed engulfing candle, short set up on the open. Target shown on the chart. risk 1 to 1. last 4 have been successful so probably due a loser. The strategy works over the long run if every trade taken so I will see how many can be won in a row.
Comments
tst
small win but a win. See the hour the hour chart for how the trade played out, profit was smaller because of the gap on the open
tst
These setups are not text book engulfing candles with the body of the engulfing candle covering the previous candles trading range. im just looking at the open and closing price and projecting a move from this. It has been a strategy that ive been profitable with and now running. Being a 1 to 1 risk it requires more winning than losing trades to be profitable and this has been the case in recent time. Has been very successful on the GER30, ill post this run of trades on the next signal.
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