Super Simple,
Super Frequent (20+ trades a week per pair),
Super Profitable (showed expected value of 0.85rr per trade completed).
Trade only requires RSI and candlesticks thus could be traded on a mobile device at work during any breaks or lunches.
Enjoy!
Disclaimer- trade at your own risk, not investment advice!
Backtested on Cable (GBPUSD) but I recommend for London and US session that you focus on monitoring 3 pairs only which are GBPUSD, USDJPY and EURGBP. These are covering the major currency pairs of Europe and US during the applicable time zones without over exposure and should have some brilliant liquidity during these sessions along with good movement.
Super simple strategy as follows:
Timeframe= 5min timeframe
Extra Accuracy/confluence=
20 EMA, mark red, if trading 5m timeframe set EMA to record from 15m timeframe. Price must remain above EMA for bullish condition and below EMA for bearish. Ensure at least the last 20 candles haven’t touched the EMA line.
Bullish condition=>
RSI below 35, look for reversal order block which is 2 bearish candles, 1 common doji or dragonfly doji candle and 2 Bullish candles and set entry above the wick/close of the second bullish candle.
Stoploss set just below the lowest point of the doji candle, Take profit set at 1.7x stoploss. making a riskreward of 1 to 1.7.
Bearish condition=>
RSI above 65, look for reversal order block which is 2 bullish candles, 1 common doji or gravestone doji candle and 2 bearish candles. Set Entry below the close of the second bearish candle.
Stoploss set just above the highest point of the doji candle, take profit set at 1.7x stoploss. RR= 1.7
Backtesting on GBPUSD showed 68% winrate, 50 trade sample, 1.7rr on 5minute timeframe (night time included in backtest but losses were mainly overnight). Highly recommended trading during New York session only helping to avoid the fakeout of the london open.
Please help with the forward testing by posting your results below, even backtest results help. Let’s see how reliable this thing is!
Beginners, if you need a refresher on candlesticks=> The Only Candlestick Patterns Trading Video You Will Ever Need... (Beginner To Advanced) - YouTube
Follow this specifically according to the instructions and do not be tempted to vary it.
To help improve accuracy, I was marking supply and demand zones taking trades nearby the supply and demand zones which is recommended however it will still make money regardless if you do not do this. Feel free to combine this with a RSI-Divergence too if needed to help improve accuracy