FxForYourWork Strategy
As I already mentioned in the article on choosing a strategy, not everyone has time to trade intraday. It was precisely for them that the FxForYourWork forex strategy was created, that is, "Forex While You Work." The authors position the system for trading on daily and 4-hour charts; however, intraday trading enthusiasts should also watch the video, because on closer inspection FxForYourWork is quite universal and can work on any timeframes.
Soundtrack to the video: Brian Eno - Apollo
Strategy type: Trend-following on pullbacks
Currency pair: Any
Timeframe: Any, but not lower than M15
Rules of the FxForYourWork strategy
Buy after the price returns to the 200sma and a "Bullish Engulfing" candlestick pattern forms (see the video for more details). Place the stop-loss slightly below (about 5 points) the Low of the signal candle. Set the take-profit at the level of the last local high before the price returned to the 200sma.
The rules for sells are the mirror opposite of buys. To open positions, use pending orders slightly above/below the High/Low of the signal candle (for buys/sells respectively).
Download the FxForYourWork strategy files
Important! Installation details for new Metatrader 4 builds
As I already mentioned in the article on choosing a strategy, not everyone has time to trade intraday.