Correlation Forex Breakout Strategy

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Correlation Forex Breakout Strategy

This is a trend breakout trading system based on an indicator of correlation of currency pairs. This shows the correlation between 8 currencies.
This works on a 15 minute, 60 minute and 1 hour timeframe. This is applicable to the following pairs and instument: EUR,GBP, AUD, CHF, USD, NZD, CAD, JPY, XAU.

Forex  Indicators:

  • S-B levels,
  • Exponetial moving average 50, low, close,
  • Exponetial moving average 50, high, close,
  • RSI (14, period, close),
  • Correlate (correlation between 8 currencies).

Rules:

Open 4 hour or daily chart and determine the trend direction. It must be trending up if you want to go long and down if you want to go short..

Buy Entry:

  • Trend up time Frame 4H or daily.
  • RSI is greater than 50;
  • Price above the 50 EMA high,
  • Correlate: Green line above royal blue line.

Sell Entry:

  • Trend up time Frame 4H or daily.
  • RSI is less than 50;
  • Price below the 50 EMA low,
  • Correlate: Green line below royal blue line.

Exit position

  • Place initial stop loss c 5-10 pips above/below the entry bar.
  • Exit at the levels of support or resistance.

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