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December 12, 2017

Question:What would be the strategies for Belt Hold pattern appears in Candlestick chart on MT4?

Answer:

Here is an example of strategies for Belt Hold with Stochastics and EMA(20), when during the course of a decline, the appearance of the Belt Hold pattern filtered by Stochastics 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 closes above the EMA(20) provided that the distance travelled is at least equal to the length of the pattern.
    • Move the protective stop-loss at the middle of the pattern.
    • Close the remaining 20% when price reaches the 200% of the length of the pattern.
    • Move the protective stop-loss at the top of the pattern.
    • Close the remaining 20% of the position when price reaches 300% of the length of the pattern.
    • Close the remaining 10% of the position at the presence of a reversal candlestick or when price closes below the EMA(20).
  2. Other combinations may be applied

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