Intraday Forex Breakout Strategy
This is one of my favorite breakout forex trading systems. Breakout trading strategy is one pending order means we will only buy or sell at a specified point. We even can intercept a price with buy and sell all at once and not infrequently both hit Take profit, really nice …. for short-time trading with a 10-15 pips profit target this system practically rarely fails.
If you want to relax let alone the price moves in advance, just wait for the emergence of two blue lines above and below the current price. Put a pending order buy stop on the line above and below the sell stop on the line. TP pairs 10-15 pips only. Usually, when the market opens in London… price breakout on one line may be upward or downward because it pairs just let the trap of buy or sell …
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If you want a bit of analysis, look at the trend channel Purple color as the limit price movements, notice the RSI indicator His-to-Alert if the blue bar means the area of buy and if a red bar means the area sell. By doing so we will know where prices tend to move.
FX5 indicator diverging is powerful enough to predict where prices will stir the direction of the divergent lines shown. Simply put, if the dotted line is upward-sloping end means the price will go up and if it slopes downward means prices will go down.
Indicators and templates can be downloaded at the link below: (Can be used in the time frame for H1)
This strategy uses the scalping method and is very applicable for day trading. It is highly recommended to add confirmation of trend indicators and oscillators as a determinant of the direction of the trend to get an entry position following the trend. However, confirmation of support resistance confirmation still needed.
Moreover, it will be very powerful if it is applied using the multi-timeframe analysis method, the method is by reading trends that occur in bigger time frames and then looking for momentum signals in small time frames of course by staying in the direction of the main trend on large time frames.
I recommend using the addition of a supply and demand zone and candlesticks reversal patterns on the time frame as a filter for marking the support resistance zone. Learn about cable break-out strategy and practice it with GBPUSD to get the fastest results in profits.
Test in No Deposit Bonus Forex Account or Pro Cents Account in Roboforex first to use this simple breakout trading strategy.