Developing a system #8 (Three line break fofo strategy)
Submitted by Edward Revy on November 5, 2008 - 11:51.
Submitted by dr.fawwaz
A simple but powerful strategy but needs improvement for exit and take profit, sometimes it will have losses(very few) but all in all u will always be in profit, I'll describe it here and lets all improve it and beat the brokers together, here it is:
It's called the three line break fofo strategy (i made it my self).
Open a 15 min chart eur/jpy (u can use other currencies also but i like this currency) then let your chart type be THREE LINES BREAK INSTEAD OF CANDLESTICKS, that's all what u need, no indicators at all just the plain chart.
Once a green(bull) candle is formed after the end of red candles wait for it to close then go long and once a red (bear) candle forms and closes after green candles have finished just go short.
Take one look at the chart by your self then u will clearly see how easy it is to grab profits most of the time(90% or more).
Thank you and happy trading and cant wait for your feed backs and improvements.