Forex True Basic Breakout Trading Strategy
Forex True Basic Breakout Trading Strategy:
1. Don’t wait for candle close to enter. ENTER AS SOON AS SIGNAL APPEARS if the conditions below are met.
2. Don’t trade on “NO TRADE ZONES” regardless of what signal is present. If a signal breaks the “No Trade
Zone”, only trade if price has not moved too much away from it, because profit might only be small.
THE IDEAL SETUP FOR THIS FOREX STRATEGY IS TAKE THE SIGNAL WHEN PRICE HAS JUST BROKE THE SUPPORT/RESISTANCE ZONE.
That way, there will be more movement to follow.
3. In one Trading session its best to take the first signal. Second signals are ok, provided that it is stronger that the previous.
Example 1: If the first signal is a HIGH hit trade signal and you already hit tp, then ignore all the GOOD hit rate signals within the same day.
Example 2: if a GOOD hit rate signal happens and you miss the trade. Then afterwards, a HIGH hit rate signal happens, you can take the HIGH hit rate signal because it is stronger. Provided that it is not near on the “NO TRADE ZONE”.
Note: The approximate stop loss is marked by “X” on the screen. Its best to add 3-5 pips for our spread.
Forex Strategy Exit Rules
The blue dot is our approximate take profit. It varies based on volatility. To maximize our profit, we can
take out 70-80% of our position as soon as price is near the dot. Then trail our remaining position left.
Since breakouts often yeild more than our take profit.
Forex Strategy Money Management
Move to Break even when in decent profit (more than 15 pips). You can also close your trade if its near a support/resistance zone if Take Profit is not yet hit.
In forex a trading strategy is a fixed plan that is designed to achieve a profitable return by going long or short in markets. The main reasons that a properly researched trading strategy helps are its verifiability, quantifiability, consistency, and objectivity.
For every trading strategy one needs to define assets to trade, entry/exit points and money management rules.
How to install Forex True Basic Breakout Trading Strategy?
- Download Forex True Basic Breakout Trading 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
- Load indicator on your chart
How to uninstall Forex True Basic Breakout Trading Strategy?
To shut down an indicator, one has to remove it from the chart. At that, its drawing and recalculation of its values will stop. To remove an indicator from the chart, one has to execute its context menu commands of “Delete Indicator” or “Delete Indicator Window”, or the chart context menu command of “Indicators List – Delete”.