Nomoretoxic's breakout - MT4/MT5 Resources

Hello everyone

Here are some simple rules - nothing fancy

let's get started

1) Pull up a 5-minute chart of your favorite flavor pairings.

2) Watch the market inside the box – to reverse the trend. You need to pay attention to where the market is going within the box. Hold on tight to your system.

3) Once the box period is over, check for a breakout

4) If a breakout occurs, wait for a pullback. At the same time, note (or draw a horizontal line, as I have shown on the chart) the price of the last higher/high before the breakout - the lower low - let's say the last high/low occurred at 1.3950, and then the market started retracing from there, note this, and set a limit around 1.3953 (if long) or 1.3947 (if short)

5). Place a stop loss on the other side of the breakout candle or a reasonable distance away to allow the trade to flow - I think 20 pips is reasonable.

6) Set a take profit with at least 1:1 risk/reward (assuming 20 pip stop loss/20 pip profit target)

7) Sit back and let the market do its thing

8) Wash, rinse and repeat daily

If you get stopped out, look for the other side of the box and participate in the market. If nothing else...I have a secret...come closer...shh don't tell anyone but

Tomorrow is a new day~~~

This is a pretty self-explanatory diagram

cheers