I've been running an engulfing binary options strategy on demo for the last couple of weeks, and it seems like there’s something to it, but I still haven’t fully figured out where it really works and where randomness starts. On the M5 for currencies, a couple of entries were decent, especially when the candle had a solid body and then reversed right away, but then I also got completely empty signals, brutal. Maybe I’m just setting the filters wrong or looking at the wrong parts of the chart.
I’m curious, is anyone here actually trading engulfing for more than one day? Right now I’m only looking at trend and levels, without a bunch of indicators, but I’m thinking maybe there’s a point in adding something else for selection. Otherwise the strategy feels like sometimes it gives a good entry and sometimes it misses completely. If anyone’s been around this for a while, tell me where it has real strength and where it only looks good on the chart?
I’m curious, is anyone here actually trading engulfing for more than one day? Right now I’m only looking at trend and levels, without a bunch of indicators, but I’m thinking maybe there’s a point in adding something else for selection. Otherwise the strategy feels like sometimes it gives a good entry and sometimes it misses completely. If anyone’s been around this for a while, tell me where it has real strength and where it only looks good on the chart?