Chart breakout strategy forex

With the start of the trading week on Monday, find the Friday candle. On a 4H chart find the high and low of the Friday candle. For long trades the SL is the Friday candle low. For short trades chart breakout strategy forex SL is the Friday candle high.

Set SL to break even once your profit has reached 2x your SL. So if the SL is 32 pips, you should set trailing stop of 64 pips. Don’t get scarred from the example above, it’s actually very simple. Share your opinion, can help everyone to understand the forex strategy. So what actually is a breakout? For this we need to take a closer look at price action and the attitude of the majority of investors. The turtles emerged from a meeting between Richard Dennis and Bill Eckhardt about whether great traders were born or made.

Bill felt that he could teach people to become successful traders. Richard felt that successful trading was down to genetics. It was proved that with a simple set of rules complete novices, with no experience, could become successful traders. Bill Eckhardt and his analysis on what made the Turtles so successful. It is the aim of all traders to lock into and hold trends. The fact is, however, that markets spend most of their time in trading ranges going nowhere. Many markets don’t trend for months or even years.

As we all know, a trend in motion is more likely to continue than reverse. With the start of the trading week on Monday, find the Friday candle. On a 4H chart find the high and low of the Friday candle. For long trades the SL is the Friday candle low. For short trades the SL is the Friday candle high. Set SL to break even once your profit has reached 2x your SL.

So if the SL is 32 pips, you should set trailing stop of 64 pips. Don’t get scarred from the example above, it’s actually very simple. Share your opinion, can help everyone to understand the forex strategy. So what actually is a breakout? For this we need to take a closer look at price action and the attitude of the majority of investors.