11# Outside Bar Forex Trading System

Submit by joy22

 

Bullish Outside Bar

  1. The second bar engulfs the first bars High/Low range

  2. The second bars "Open" must be below "Close" of first bar (first bar can be bull or bear)

OutSide Bar Bullish
OutSide Bar Bullish

Forex Indicator:OutSide bar is red (delete colur blue of indside bar)

Bearish Outside Bar

  1. The second bar engulfs the first bars High/Low range

  2. The second bars "Open" must be above "Close" of first bar (first bar can be bull or bear)

  3. *** The second bar close is below first bar close (adding this rule matches with another version), so maybe it's a better setup.

 

OutSide bar Bearish
OutSide bar Bearish

How To Trade

  • Open and Close Price are far apart on the second bar

  • On Bullish Outside bar the longer the bottom shadow/wick the stronger the upward move

  • On Bearish Outside Bar the longer the top shadow/wick the stronger the downward move


  • The second bars open/close range (body of a candlestick) should be a lot larger than the range of the first bars open/close range

  1. to place a pending buy stop order just above the high of Bullish Outside bar and a stop loss just below it. For a Bearish Outside bar place a sell stop order just below the low of the Bearish Outside bar and a stop loss just above the high of the Bearish Outside Bar.

 

Share your opinion, can help everyone to understand the forex strategy.

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Forex Indicator:OutSide bar is red (delete colur blue of indside bar)
Forex Indicator:OutSide bar is red (delete colur blue of indside bar)
4 Inside and outside bar.rar
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