Latest Systems
- VolcanoWMA Strategy
- Bounce Back Strategy
- Crystal Time Frame Switcher
- The Pouria Method
- The Bible Forex System
- Forex Trading Made Simple
- Scalping with Bollinger Band
- VMA Trend Trading
- 3 White Soldiers 3 Black Crows
- Price Action Scalper
Categories
- Technical
- Fundamental
- Scalping
- Trend Following
- Range-Bound Trading
- Day Trading
- Swing Trading
- Long-Term Trading
- Metatrader Only
- Hedge Trading
- Martingale Trading
- Counter Trend
- Divergence
- Breakout
- Price Action
Popular searches
- SHI channel
- scalping
- Signal
- 85 ema
- rsi
- macd
- BBands stop
- slope direction line
- heiken ashi
- Swing Trading
Forex trading system "3 White Soldiers 3 Black Crows"
Learn to trade candlestick chart using 3 white / 3 black formations
In this system, we are looking for candle stick formation near the Bollinger band, in which the candle sticks are three consecutive bullish candles known as three white soldiers, and three consecutive bearish candles known as the three black crows. This system works best when the price has just bounced off the Bollinger Bands.
Details
Categories: Technical, Price Action
Timeframes: 1 Hour
Currency pairs: ANY
Trading sessions: ANY
Indicators used
- Bollinger Band
Period: 20
Apply to: Close
Entry rules
We open a sell trade when there are 3 consecutive bearish candles and the price has bounced off the upper Bollinger band. Vice versa, we open a buy trade when there are 3 consecutive bullish candles and the price has bounced off the lower Bollinger band as shown in the following picture.
Trade management
The TakeProfit and the StopLoss are described in the following exit rules.
Exit rules
The trade will exit by itself after we set the StopLoss to the nearest swing low and set the number of pips of the TakeProfit to be equal to the StopLoss as shown in the following picture.
Advantages
It is simple and uses price action of the candle sticks and the bouncing off the Bollinger band to gives a very high probability rate of winning.
Disadvantages
Patience is required in using this strategy as the opportunities are not many.
Metatrader 4 chart template files
 |  |  |
trading is like a university aocuetidn, it requires on the order of 10 to 20 years to become proficient and you have to be ready to accept it as a full time career. With that said, the broker that I use is oanda. I use this broker mainly because it allows smaller lot sizes which allows me to be very flexible with my exposure.My recommendation- do not trade with less than 50k account. Do not trade live until you have risk capital (money that you will not need or regret losing) or minimum few years on paper accounts. research is a huge topic. Do not fall for technical analysis, it works in some situations, but the best bet would be to read the prices correctly via price patterns and timing. Do not trade during non farm payrolls or during tokyo and NY lunch hour. Trade during the overlap of US UK sessions for best liquidity. Watch for inflation levels, what central bankers say (and if what they are saying is just a warning or if they are serious about it).For example you would want to monitor the japanese central bank decisions right now because their is strong enough to make their bank sell it to lower the price to keep exports competitive. For CAD, watch for gold prices (oil is their major export). ect.FINALLY: the only way to make money in safely is with law of large numbers in terms of capitalization. You have to have an account upwards of 50 mil, so this is not a get rich quick thing. The real money lies in market making and dealing.