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1. Here is the 2nd post I saved
Really interesting.
Attachment 1279
I will try:
We are waiting a break of the green for buy or pink line for sell. The candle must be closed.
If we break the green line, the Macd-Osma are green, qqe clear above 50 and EMA just crosse, we can BUY.
If we break the pink line, the Macd-Osma are red, qqe clear below 50 and EMA just crosse, we can SELL.
TP 10 pips, SL just at the bellow the last candle or the last Arrow.
Of course we must trade only with London or New-York open.
Than you iqofgenius for this interesting test.
Trading a Price Action Breakout
- Breakouts can determine market reversals and continuations
- Entry orders should be placed near support & resistance levels
- Stops and Limits can be entered using the ATR indicator
Price action breakout traders have the benefit of trading with the trend as well as helping traders pinpoint potential market reversals. Below we can see a prime example of such a breakout in action on the EURJPY.
Previously the EURJPY had advanced as much as 756 pips from its February low to its current swing high at 136.22. However, looking at the chart below, it is important to notice that price action has moved below series of previous lows printed during the pair’s ascent. With the EURJPY breaking out towards lower lows for the first time in months, this makes the currency pair a prime candidate for breakout trading.
Today we will look at identifying a potential breakout and the opportunities that follow. So let’s get started!
Learn Forex – EURJPY Trend & Breakout
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Trading Breakouts
After finding the previous swing low or high in an uptrend, trading a price action breakout becomes a very straightforward process. Going back to our example on the EURJPY, the previous low for the pairs uptrend resided at 139.87. This point was acting as an area of price support for the pair as it was moving up towards higher highs. This support was acting like a floor for price and price action traders looking for a reversal have had to wait patiently for price to trade below this point. With the new creation of a lower low, traders began to sell this breakout with the expectation of price to develop a fresh downtrend.
Once a key line of support or resistance has been found, entry orders become an effective and easy way to prepare for a market breakout. An entry order is a pending order, and can be set through the FXCM Trading Station Platform In the event that the market trades through a level or support or resistance, your order will be executed and your trade triggered into the market. Regardless if you are in front of your charts or not, by using an entry order your trade is scheduled to execute as soon as a breakout occurs!
Learn Forex – EURJPY with Breakout Entries
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Manage Risk
As with any active market strategy, trading carries risks. This holds true for breakout strategies as well. Because of this, after finding a breakout point to place an entry order, a trader’s next job should be considering how to manage their risk. Normally when trading a breakout in a new downtrend, traders will look to place stops above the broken line of previous support. Stop values can be placed 1ATR value above this level to account for current market volatility. In this example current ATR is 30 pips on the EURJPY. Once a stop is set using ATR (Average True Range), traders can then multiply that value to find a positive risk: reward ratio of their liking.
This is just one of many ways to start developing a price action strategy.
---Written by Walker England, Trading Instructor
More...
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Time Range Breakout system for new MT4 builds
Just about this Time Range Breakout system from this post. This system works for new MT4 build by indicators from this post except AllAbsoluteQQE indicator and IN10TION NewsReader indicator.
Thus, this is the variation of the system for new MT4 build:
- download indicators using links on this post;
- download AllAbsoluteQQE_v2.3 indicator from this post;
- download new IN10TION NewsReader indicator from this post;
- install all indicators and template (new template is attached) in MT4.
We should get the image similar with this one for example:
Attachment 16175
Attachment 16177
I can not check this update because market is close now (because IN10TION NewsReader indicator works when the market is open) but I hope everything is working fine.
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Stretch Breakout Channel by Arturo López
Stretch Breakout Channel - indicator for MetaTrader 4
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Quote:
Author
The developer of these indicators is Arturo López, founder of
Point Zero Trading Solutions.
Who is Toby Crabel?
Toby Crabel is a self-made millionaire commodities trader who has avoided having a losing year from 1991 to 2002. Among other achievements, he wrote a great trading book entitled Day Trading with Short-term Price Patterns.
What is the Stretch?
The Stretch is calculated by taking the 10 period SMA of the absolute difference between the open and either the high or low, whichever difference is smaller. It represents the minimum average price movement/deviation from the open price during a period of time, and that value is used to calculate breakout thresholds for the current trading session. This can be used to plot a multitimeframe breakout channel.
The Opening Range Breakout (ORB) Trading Strategy
Using this strategy, the trader places a buy stop just above the open price plus the Stretch and a sell stop just below the open price minus the Stretch. The first stop triggered enters the trader into the trade and the other stop becomes the protective stop.
Crabel's research shows that the earlier in the trading session the entry stop is hit the more likely the trade will be profitable at the close. A market movement that kicks off a trend quickly in the current trading session could add significant profit to a trader's position by the close and should be considered for a multi-day trade.
Extending Crabel's research results it is obvious that as time passes and we are not filled early on then the risk increases and it becomes prudent to reduce the size of the position during the day. Trades filled towards the end of the day carry the most risk and the later in the day the trade is filled the less likely the trader will want to carry that trade overnight.
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