Notice how this is a PIP number. On the other hand, if it were something like the 1.

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This is why it works out better every pips because those are much more important. This is an incredibly simple strategy as well, as waiting for three similar candlesticks in a row is all you have to do.

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Obviously, you need some type of trend to start trading. In the pink circle, you can see that we had three white candles in a row, showing that the market was starting to pick up momentum. At that point in time you would put a stop loss below the bottom of the third candlestick and aim for at least the same distance as the distance of the three candlesticks.

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Another twist on this is that if you get the same distance as you did of the three candlesticks, then you could put the stop loss at breakeven and see if you can let the trade run longer. While this seems incredibly rudimentary, I know professional traders that do nothing but trade hammers or shooting stars whenever they appear. They then will place a certain amount of credence to these hammers and shooting stars. For example, if you get the hammer or the shooting star at a level, then it becomes much more important. Ultimately, if it is at the level, then although important, you may not use as large of a position as you would in the initial scenario.

You simply put your stop on the other side of the candle stick and let it rip.

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This is one of those things where you can get a high probability when, if you are only trying to use the same distance as the height of the candle stick. Something I want you to think about is the fact that a high probability rate does not necessarily mean that you will be profitable.

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Any system that has a high success rate typically will have one loss wipe out several traits. Make sure you are not going down that road. Christopher Lewis has been trading Forex for several years.

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Comments including inappropriate will also be removed. Round number strategy Three in a row Hammer time! Something I want you to think about. Contact Us Report an issue. Log in Register.

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