The fade breakout | Forex indicator download - MT4/MT5 resources

Hello traders,

Sharing a really good strategy sent by a good friend…

Thanks Adrian...you are a star!

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fade out breakout

by adrian

rule:

Forex Indicators <br> This Forex strategy does not use indicators based on mathematical algorithms. But only indicator price action support and resistance.
Recommended indicators:
Pivot point levels, Fibonacci retracements, static and dynamic support and resistance.

Time range <br> Fade Breakout Forex Strategy is suitable for 15 Minutes (M15), 30 Minutes
(M30) or 60 minute (M60) candle.

Currency pair:
EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD, NZD/USD.

Strategy Details <br> Markets often reverse after failing to break through resistance levels or fall below support levels. At a resistance level, failure is characterized by a candle whose shadow is above the resistance level but fails to close above the resistance level. The price then fell back below the resistance. At support, failure is characterized by candles whose shadow falls below the support but fails to close below the support.
The price then moved above the support level.

Long entry <br> Determine support level.
2. Identify a candle with a shadow line below the support level.
3. Wait for the candle to close as a bull candle. This is called a false breakout candle.

4. Enter at the opening price of the next candle.
5. Set your stop loss 5 pips below the low of the false breakout candle.
6. Set two profit targets for this transaction. Set these two goals at a risk-to-reward ratio of 1:1

short term entry
1. Determine resistance levels.
2. Identify a candle with a shadow line above the resistance level.
3. Wait for the candle to close as a short candle. This is called a false breakout candle.

4. Enter at the opening price of the next candle.
5. Set your stop loss 5 pips above the false breakout candle high.
6. Set two profit targets for this transaction. Set these two goals so that the risk to reward ratio is 1:1.

Maybe next weekend I'll try coding an EA... let's see what happens.

For now, enjoy it…