Range Breakout Forex Support and Resistance Strategy
Table of Contents
This system is useful for GBPUSD in a 15 minute timeframe.
- Draw a vertical line at 7:00 am (EST=NY time) time on your GBP/USD Chart.
- Draw a vertical line at 9:00 am time on your GBP/USD Chart.
- Draw a Horizontal line at the high of candles/bars in between the vertical
- Draw a Horizontal line at the Low of candles/bars in between the vertical
After doing these things, what you will do next is put a buy stop at the high and sell stop at the low with stop loss at the low (If your buying) and stop loss at the high (If your selling).
Make sure to place a stop loss order 15 pips below or above your entry point.
Take profit around 20-50 pips or no targets if you think it can go more.
Trailing Stop of 15 pips, if your using it..
- There are only 9 candles/bars in the 15 minute chart, between 7:00-9:00 am.
- If the Distance between the high and low is less than 50-60 pips, it could be very profitable.
- If the Distance between the high and low is more than 50-60 pips, it could be not very profitable.
- If the price doesn’t break the high/low, it’s a ranging market.
- All Market news are usually released around or after the 7:00- 9:00 am phase.
- The signals are only valid for the current day, Next day you again need to wait for the 7:00-9:00 time and 9 candles again.
Forex Trading Strategies Installation Instructions
Range Breakout Forex Support and Resistance Strategy is a combination of Metatrader 4 (MT4) indicator(s) and template.
The essence of this forex strategy is to transform the accumulated history data and trading signals.
Range Breakout Forex Support and Resistance Strategy provides an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust this strategy accordingly.
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How to install Range Breakout Forex Support and Resistance Strategy?
- Download Range Breakout Forex Support and Resistance Strategy.zip
- *Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
- Copy tpl file (Template) to your Metatrader Directory / templates /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your forex strategy
- Right click on your trading chart and hover on “Template”
- Move right to select Range Breakout Forex Support and Resistance Strategy
- You will see Range Breakout Forex Support and Resistance Strategy is available on your Chart
*Note: Not all forex strategies come with mq4/ex4 files. Some templates are already integrated with the MT4 Indicators from the MetaTrader Platform.
Click here below to download: