The fade breakout

Hello traders,

Sharing a very nice strategy sent by a great friend....

Thanks Adrian... you're a star!!!

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The fade breakout

by Adrian

RULES:

Forex indicators
This forex strategy is not using indicators based on mathematical algorithms. but only indicators price action support and resistance.
Reccomended indicators:
Pivot points levels, Fibonacci retracement, Static and dynamic support and resistance.

Time Frame
The fade the break forex strategy works with the 15-minute (M15), 30-minute
(M30) or 60-minute(M60 ) candle.

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

Strategy details
Markets often reverse after a failure to break above the resistance level or below the support level. At the resistance level, the failure is characterized by the shadow of the candle that goes above the resistance level but fails to close above it. Subsequently the price falls back below the resistance level. At the support level, the failure is characterized by the shadow of
the candle that goes below the support level but fails to close below it.
Subsequently the price rises above the support level.

Long Entry
Identify the support level.
2. Identify a candle that has a shadow that goes below the support level.
3. Wait for that candle to close as a bull candle. This is called the falsebreak
candle.

4. Enter at the opening of the next candle.
5. Set a stop loss of 5 pips below the low price of the false break candle.
6. Set two profi t targets for this trade. Set the two targets at a risk to
reward ratio of 1:1

Short Entry
1. Identify the resistance level.
2. Identify a candle that has a shadow that goes above the resistance level.
3. Wait for that candle to close as a bear candle. This is called the falsebreak
candle.

4. Enter at the opening of the next candle.
5. Set a stop loss of 5 pips above the high price of the false-break candle.
6. Set two profi t targets for this trade. Set the two targets at a risk to
reward ratio of 1:1.






I'll try to code an EA next weekend maybe... and let's see what happens.

For while, enjoy....

Please be advice. How to apply this system with MT4 Android..?

Looks great,
Do you wanna continue the thread?

Thanks...

I think I didn't understand what you mean.

Is it about the EA?

I mean it is about 2 weeks no new post from you ...

What do you supouse should I post more?
You have a very nice and profitable strategy in your hands.... now it's your turn.
Try it and share with us how is it going your expiriense with it.

how do we find support or resistance on 15 min or 1 hour tf?

Actually traders are a big community of losers

Also, many traders never contribute with a coma (,) but they keep complaining and saying all kind of bs... but ok, it's normal and to be honest it doesn't matter to me anymore.
I just keep giving some contribution, because I believe that I can help someone somehow.

Anyway...

all the best guys

more live examples