As the name implies the system is usually used in the GBP / USD alias Cable, very simple … The system automatically displays the breakout point GBP / USD which is marked with 2 horizontal red lines for the movement of the upper and lower limits. Even all the information to take a position already appeared on the screen where the point of breakout Buy or sell stop loss following.
However, as with other breakout systems, sometimes false breakout occurs eg: momentary price breaks the upper line to buy but then reverses downwards even though there is a stop loss, but stress also sees a profit and other orders loss …
So first consider the direction of price movement of the moving average knitted scarf in blue and green on the screen. Easy, if a blue shawl moving average is below the green zone means the price is on selling. So break out Sell bigger chances, then do not put buy pending order on line breakout buy unless there is a change direction of the trend is dramatically where shawl moving average crosses or intersects the opposite.
You can download the indicators and templates below here:
Breakout Cable System Free Download
Day Trading Breakout Strategies Using Forex Support Resistance Zone
Day trading breakout strategies using forex support resistance zones involve identifying key levels of support and resistance on a 15-minute chart and waiting for signals trading confirmation on a 1-minute time frame with the price has to break the trend line and form head and shoulder patterns plus wick of rejection and these three confirmation must be formed on support resistance zone that we get from high time frame and this case we use 15-minute time frame, those indications on these levels represent increased volume of seller or buyer. The easiest way to identify a support resistance zone is the area should have at least 2 swing wave rejections. Traders can use various methods to identify support and resistance levels, such as drawing trend lines, channels, and triangles, or using moving averages. Once a trend line breakout occurs, form a head and shoulders pattern and combine with wick rejection on the small time frame and still on-based support resistance zone from the big time frame, so traders can enter a long or short position, depending on the direction of the breakout. It’s important to wait for confirmation before trading a breakout and to place stop-loss orders beyond the support or resistance level. There are different approaches to trading breakouts, such as the aggressive approach of buying or selling whenever the price passes through a support or resistance zone, or the conservative approach of waiting for the price to make a pullback to the broken support or resistance level before entering a trade. It’s recommended to use proper risk management and to have a clear exit strategy when trading breakouts. This video tutorial below about an accurate scalping strategy for intraday traders is all you need.