OPEN-SOURCE SCRIPT
Naked Forex Trading Strategy
Based on "How Naked Trading Works" video by Walter Peters: youtu.be/t-pD3fap25c?t=1m21s. I don't know this person and I am in no way affiliated with him. I just found his video interesting enough to make this into a script.
Rules as described by Walter in his video:
1. if current candle makes a higher high than the previous one
2. and is a bearish engulfing candle
3. and has room to the left
4. and is the largest candle (high - low) compared to the last 7-10 previous ones
Then open trade on the next candle once it breaks bearish engulfing candle's low and take profit close above previous support. Stop loss goes a few pips above bearish engulfing candle high
Do the opposite on a bullish engulfing candle signal.
Works best on 1H, 4H and 1D timeframes.
I haven't done any extensive backtesting on this, but it looks like it gives pretty good signals:
Rules as described by Walter in his video:
1. if current candle makes a higher high than the previous one
2. and is a bearish engulfing candle
3. and has room to the left
4. and is the largest candle (high - low) compared to the last 7-10 previous ones
Then open trade on the next candle once it breaks bearish engulfing candle's low and take profit close above previous support. Stop loss goes a few pips above bearish engulfing candle high
Do the opposite on a bullish engulfing candle signal.
Works best on 1H, 4H and 1D timeframes.
I haven't done any extensive backtesting on this, but it looks like it gives pretty good signals:
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