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December 12, 2017

Question:What would be the strategies for Homing Pigeon pattern in Candlestick charts on MT4?

Answer:

Her is an example of Homing Pigeon with CCI and SMA(20), when during the course of a decline the appearance of the Homing Pigeon pattern filtered by CCI at the oversold area.

One could consider buying when the next candle exceeds the high price of the pattern. Place a protective stop loss at the bottom of the pattern.

You can consider the following actions, bearing in mind that a Take-Profit strategy is heavily dependent on the trading profile of each individual.

  1. Close 50% of the position when price travels 100% the length of the pattern.
    • Close the remaining 25% when price reaches the 200% of the length of the pattern above SMA(20).
    • Move the protective stop-loss at the top of the pattern.
    • Close the remaining 25% of the position at the presence of a reversal candlestick or when price falls below the SMA(20).
  2. Other combinations may be applied

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