Forex Breakout Direction Indicator & EA

This morning we are on EURJPY

We should get a clear run, upto 132.000 locking stoploss at breakeven when TP2 hits, if it can clear the resistance at 131.580

Big move at 8am GMT expected?

8am move came good....TP1 2 & 3 all hit

Stoploss now at breakeven.

Waiting to see if TP4 can come good

Great day on EURJPY today 55.5 pips banked.

115.6 pips banked this week

On real small money account, TP1 TP2 and TP3 hit has the risk/reward was set differently to the demo account.

Only just noticed this. Real small money account R/R now set the same as the $5k demo account

Had a great question from a trader today

"Why did you not trade the AUDJPY today, as the Forex Breakout Direction Indicator was showing 98% Buy, no news on AUD or JPY today and AUD showing strong on currency strength indicator, plus JPY is showing weak on currency strength indicator? Wasn't this your setup trade rules??"

Answer,

Correct to all the above, however we also take into account Support and Resistance levels taken from the PZ_SupportResistance indicator which is attached to the chart.

If any setup is near a support or resistance level, we do not take the trade, as we don't know if the price is going to bounce of the level. As a mininium TP2 must be within a trading level range. When TP2 is hit, Stoploss is moved to Breakeven

On AUDJPY today, the Asian box was just below the Resistance level of 82.975.

If you look at the chart below, you can see that the price levels has been near this level most of the day.

If you took a Buy trade on AUDJPY you would not of been stopped out, but you still would not have hit Take Profit (TP) 1 level

Hopefully, we can get a good setup on AUDJPY tomorrow!

No trade setup today. Too much movement in the overnight session

Todays data....

No News on any pair

GBP getting stronger
EUR & CAD showing weakness

Might be tempted with BUY trade on GBPCAD as Forex Breakout Direction Indicator is showing 100%

However...we are not going to take this trade as TP2 level is caught between the Resistance level.

Pitty. But we are sticking to the rules. No trade today.

We also think EURGBP is now in range, caught from the movements earlier in the week

Looking forward to see if the Range Filter and PZ_SupportResistance Levels is going to do their job, and keep us out of a bad trade!

1.91% account growth for week 1
115.6 pips banked

2 winning trades
0 lose trades

EA will be shared and posted on post 1 on Monday
Free for traders to try

Forex Breakout Direction Indicator and EA trail added to Post 1 to download

Expires 31.03.22

Any feedback for us? Please let us know

Todays set ups...

Red News = EUR
Strong Currency = CHF JPY GBP
Weak Currency = CAD

Setups are
CADCHF Sell
GBPCAD Buy

Marking up the trading zone.

Using the PZ_Support&Resistance Indicator

Zoom out to the Daily chart and place lines, to confirm zone on the 15min chart

GBPCAD example

Marking up the trading zone.

Using the PZ_Support&Resistance Indicator

Zoom out to the Daily chart and place lines, to confirm zone on the 15min chart

CADCHF example

EA Settings

Choose either % balance to lots

Give each pair it's own magic number

Get in touch. We love to hear from you

What is the blue box on the chart?
The Forex Breakout Direction Indicator & EA System trades the Europe open session. The blue "Range" box is the Asian trading session. This is set to 00:00 to 07:00 GMT. In the settings, you can customise your own range box time to create your own unique breakout trading system.
When the range box ends at 07:00 GMT, we are looking to trade "breakouts" of increase volume and volatility in the opening of the Forex Europe session. The largest active trading session in the world.

What is the "ADR Max", "ADR" and "ADR Advice"?
ADR in forex means "Average Daily Range" which means on average how many pips does the currency pair move per day.
Forex breakouts work best, when the currency pair has low movement, then 'breaks out' at pace in the desired direction.
If the ranging period goes over the ADR max figure, then the ADR Advice will show "NO TRADE"
The ADR MAX figure will calculate at the start of the range box time.
The ADR figure will update in real time has the range box is traded, and end when the range box session has ended.

Slight error this morning, instead of putting the EA on "% of account", It was on "Lots" so the EA placed 0.01 lots for GBPCAD

Quickly closed, then re-set the EA to the correct setting

GBPCAD Buy and CADCHF Sell took today

80 pips banked, 1.77% account growth

The last two orders on GBPCAD was closed, as I thought the pair wasn't going anywhere

One CADCHF order closed, to balance the GBPCAD orders.

Still one one CADCHF order live, with stoploss set at breakeven and Take Profit set on TP4 level. Currently 34 pips in profit