Range Breakout Forex Support and Resistance Strategy For MT4

Range Breakout Forex Support and Resistance Strategy For MT4

The Range Breakout Forex Support and Resistance Strategy For MT4 This system lets the traders trade the breakout in currency pairs, stocks, ETFs, bonds, and commodity markets.

FREE Range Breakout Forex Support and Resistance Strategy

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The ex4 file of this strategy will paint simple bars on the potential breakout zone. After installing the system to the platform, you will get a chart with many different markings. The markings are the support and the resistance for the breakout traders. And you will get a range indicator gauge at the bottom of the price chart.

First of all, we will learn to trade the bullish breakout. To mitigate human errors, the trend will be preferred while making trades in the breakout. When a certain asset is in the uptrend, we will wait for a closing of the candle above the red horizontal mark. The range indicator will not show any abnormal spikes in the blue or red bar. Long trade will be taken with 25 pips stop and take profit will be 50 pips. Note that the stop and TP will be adjusted with the PA system when the analysis is done in a minute chart. So, the recommended chart is 1 hour and higher to use this system.

If the trend is bearish, we will wait for a closing of the candle below the brown mark. If the candle closes below the brown mark with no anomaly or spikes in the range indicator, we can go for the short trades. The traders have to carefully assess the range bar reading as it filters the false breakout. SL for the short trade is 25 pips and the take profit is 50 pips.

At times, the breakout bar is so massive, 25 pips SL doesn’t cover the breakout candlestick. In such a case, take the trade-in 50% retracement of the price for that specific candlestick. By using the pullback method, tight SL can be used. However, you will often miss some of the good trades due to the absence of imminent retracement. Still, it’s better to miss some good trades rather than participating in a breakout when the stakes are high.

Download the complete system description and the files here:

FREE Range Breakout Forex Support and Resistance Strategy

Download the FREE Range Breakout Forex Support and Resistance Strategy for MT4.

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