78# Support and Resistance Breakout
Support and Resistance Breakout arrows
Breakout strategy for Indices and Stocks and Commodities
Submit by Joy22
Support and Resistance Breakout is a strategy based on the famous indicator developped by Barry Stander in the 2004 for Metatrader 4. The version that i shows here is developped by Lennoi Anderson, 2015. This is an free but great indicator for analisys of the market anf for support at the trading with very good results.
I think that this type of breakout is better for trading with Indices, Stocks Commodities and Cryptocurrency.
This styrategy is simple and easy and do not repaint.
Time frame 5 min or higher, for Major forex 15 min or higher.
Financial Markets: ndices, Stocks Commodities, Cryptocurrency and Forex.
Metatrader 4 Indicators
MA Channel 13 periods, EMA high, Ema low.
Support and Resistance Breakout defaul setting.
Support and Resistance Breakout trading rules
Buy
The price candle is above the channel of moving averages Support and Resistance Breakout buy arrow below the candle.
The stop loss is nuber of the pips of the signal candle.
Profit target ratio 1:1 stop loss or above.
Sell
The price candle is below the channel of moving averages Support and Resistance Breakout sell arrow above the candle.
The stop loss is nuber of the pips of the signal candle.
Profit target ratio 1:1 stop loss or above.
Do not trade if the signal is on a long candle.
This is a winning strategy.
In the pictures Support and Resistance Breakout in action.
Share your opinion, can help everyone to understand the forex strategy.
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Support/Resistance breakout Entry: Sometimes, price would break the last support or resistance but the fractals indicator would not produce any new dots.
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