Range Breakout Forex Support and Resistance Strategy
This system is useful for GBPUSD in a 15 minute timeframe.
Instructions:
- 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
- line.
- Draw a Horizontal line at the Low of candles/bars in between the vertical
- line.
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..
Other Instructions:
- 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.
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