Range Trading with Pattern Indicators

Range Trading with Bollinger Bands, ADX and Pattern Indicators to help close out losses early

 

This one takes advantage of a sideways market and has two added candle pattern indicators to help it close out when its heading in the wrong direction.

Lets face it, we can’t win them all, but we can try to limit the losses and take full advantage of the wins.

 

The Settings

Currency Pairs: EURUSD

Candle Period: 5 Mins

Strategy Draw Down: 80 PIPS

Trade Stop Loss: 15 PIPS

Strategy Take Profit: 5000 PIPS

Trade Take Profit: 150 PIPS

 

Import Code

The easiest way to get this strategy is to use the import code below

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Feel free to edit the algorithms to see if you can get better results

 

If you haven’t already got a Tekton Demo account – you can signup for one free here

 

 

 Please note that these example strategies are purely for educational purposes and should not be considered as being recommended for you to use or as if Tekton Algotrading or any of its officer’s is providing advice.  The purpose of supplying our clients with example strategies is to ensure they can become acclimatised to using the Tekton software and develop their own strategies and trading plans so as to meet their personal investment profile. 

Once you have created your own trading plan you can then fine tune it to your satisfaction following a number of historical tests until you feel confident of trading them live. Past performance is not an indication of future results. 


Related Articles

Want real discipline? Start algotrading.

It’s true. The best traders stay disciplined by sticking to their trading plans.

Trading by plan lets you know when to get into a trade and when to get out. (It isn’t an angel’s voice whispering in your ear every time you’re about to get greedy, friends. It’s the plan.)

If you’ve got a plan, it’s easier to stay objective and avoid revenge trading if things go south, as they will from time to time. And you’ll keep your mind focused and decluttered. No emotion allowed when you’re trading, remember? (Unless you’ve just won a trade and it’s party time.)
So, discipline, good. Gut instincts, bad.
The problem is, to practice your craft, you’ve got to actually get in there and play the market. And that means exposing yourself to a whole bunch of psychological obstacles you’ll need to be able to deal with effectively—pressure, fear, anger, uncertainty, etc.—if you want to come out on top.

Stacking things in your favour

“There is no “Secret Formula” that will grant us 100% Win Ratio.”

But the Good News is that, depending on the type of Strategy or System you are trading, you can have a Win Ratio of 40% or less and still be profitable.Trading by plan lets you know when to get into a trade and when to get out. (It isn’t an angel’s voice whispering in your ear every time you’re about to get greedy, friends. It’s the plan.)

If you’ve got a plan, it’s easier to stay objective and avoid revenge trading if things go south, as they will from time to time. And you’ll keep your mind focused and decluttered. No emotion allowed when you’re trading, remember? (Unless you’ve just won a trade and it’s party time.)
So, discipline, good. Gut instincts, bad.
The problem is, to practice your craft, you’ve got to actually get in there and play the market. And that means exposing yourself to a whole bunch of psychological obstacles you’ll need to be able to deal with effectively—pressure, fear, anger, uncertainty, etc.—if you want to come out on top.

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