(LCB) Largest Candle Breakout ((LCB) Largest Candle Breakout) - MT4/MT5 Resources
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I opened this thread on Sunday after I noticed something rather strange while trying to refine Paulus' entry on the London Breakout System posted in the "1 Trade a Day" thread. The entrance is already there, we still have to define the TP and exit.
Hopefully Paulus and others will participate in this post and contribute to fine-tuning this system, as it was tested for the first time today after I posted the expected breakouts for various currency pairs based on this system in the above post. http://www.forexfactory.com/showthre...165513&page=20
Convert TF to m15 chart,
(Right Click/Properties/General) Use "Show Period Separators" and find the longest candle in the entire 24 hour period and draw a line at the top as resistance and a line at the bottom as support, highlighting the area between the two lines with a fairly long rectangle so that you can quickly identify the area. Even Sunday candles are valid.
Turn the chart to H1 TF and watch the 5EMA break above the S&R line.
I recommend using RSI to verify breakouts.
Don't ask me why this works, but it seems to be consistent and even the Sunday bar seems to work. As I mentioned before, this system is just being figured out and needs a lot of work. It doesn't require more than 2 indicators.
GBP/USD M15 Sunday 10th May M15 Candlestick Setup
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I opened this thread on Sunday after I noticed something rather strange while trying to refine Paulus' entry on the London Breakout System posted in the "1 Trade a Day" thread. The entrance is already there, we still have to define the TP and exit.
Hopefully Paulus and others will participate in this post and contribute to fine-tuning this system, as it was tested for the first time today after I posted the expected breakouts for various currency pairs based on this system in the above post. http://www.forexfactory.com/showthre...165513&page=20
Convert TF to m15 chart,
(Right Click/Properties/General) Use "Show Period Separators" and find the longest candle in the entire 24 hour period and draw a line at the top as resistance and a line at the bottom as support, highlighting the area between the two lines with a fairly long rectangle so that you can quickly identify the area. Even Sunday candles are valid.
Turn the chart to H1 TF and watch the 5EMA break above the S&R line.
I recommend using RSI to verify breakouts.
Don't ask me why this works, but it seems to be consistent and even the Sunday bar seems to work. As I mentioned before, this system is just being figured out and needs a lot of work. It doesn't require more than 2 indicators.
GBP/USD M15 Sunday 10th May M15 Candlestick Setup
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