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March 14, 2018

Question:What is Fishing Strip Strategy? and How to trade using this strategy?

Answer:

“Fishing Line Strategy” involves looking for turning points.

These points indicate the possibility of change in trend direction, and enables us to act accordingly.

This strategy is suited for times frames with 15 minutes or up. The bigger the time frame, the higher the level of precision.

This strategy is suited for all financial markets including currency pairs, commodities, indices, stocks and futures contracts.

Indicators used is “Bollinger Bands“.

Setting up a Long Position

A preliminary signal is received when the first candlestick closes below the fishing strip, and the following candlestick closes within the strip.

The position should be entered at the start of the third candlestick.

Setting up “Stop Loss” and “Take Profit”

The stop loss should be set 5 pips below the lowest value reached by the first candlestick.

The position should be exited once 100 pips have been earned, or the other end of the strip has been reached – whichever happens first.

Setting up a Short Position

A preliminary signal is received when the first candlestick closes above the fishing strip, and the following candlestick closes within the strip.

The position should be entered at the start of the third candlestick.

Setting up “Stop Loss” and “Take Profit”

The stop loss should be set 5 pips above the highest value reached by the first candlestick.

The trade should be exited once 100 pips have been earned, or the other end of the strip has been reached – whichever happens first.

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