Trendline breakouts | Foreign exchange EA download - MT4/MT5 resources
Trendlines are important on any time frame.
3 hits of any trend line and subsequent breakout should result in a retest of the breakout and the start of another trend.
As of now, EURUSD sees the possibility of an upward trend (on the 30-minute time frame) from current levels on the 60-minute time frame.
How do we play now that the 60m trend is upward?
1 Enter on a retracement to or just above the breakout level
2 Enter 1/2 the position now and add to the position as the market retraces to the breakout point.
3. The stop loss of the trading trend should be greater than 100 basis points or above. Just make sure the risk on your trading account is 2%. Aggressive traders can hold a position of 1 standard lot (100k) for every 10K in the account.
4 18 Simple Moving Averages provide risk parameters for trading. If 2 full candles close below this value, it's time to exit.
Let's see how it turns out...
3 hits of any trend line and subsequent breakout should result in a retest of the breakout and the start of another trend.
As of now, EURUSD sees the possibility of an upward trend (on the 30-minute time frame) from current levels on the 60-minute time frame.
How do we play now that the 60m trend is upward?
1 Enter on a retracement to or just above the breakout level
2 Enter 1/2 the position now and add to the position as the market retraces to the breakout point.
3. The stop loss of the trading trend should be greater than 100 basis points or above. Just make sure the risk on your trading account is 2%. Aggressive traders can hold a position of 1 standard lot (100k) for every 10K in the account.
4 18 Simple Moving Averages provide risk parameters for trading. If 2 full candles close below this value, it's time to exit.
Let's see how it turns out...
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