for some that still trade manually, trendline break outs is a simple but yet effective strategy. My first success was from using trendlines and fib ratio.
This is a simple trendline Break out tool (EA) that i've been using since Late 2009.
Instructions. Add to chart, draw a trendline, label trendline " buystop1" or sellstop1, and set your tp, sl levels. Once you've done this, two more sets of lines will appear on your chart. These lines are the Trigger line and Entry Line.
When price touches the triggerline, a pending order ( stop order) will be placed at the entry line. The pending order, will be modified at each new bar to the next value of the Entry line ensuring your pending order is ready for the break out.
This EA can be used on the M1 for intra day break outs, up to the Daily Charts for longer term position building.
Enjoy.
This is a simple trendline Break out tool (EA) that i've been using since Late 2009.
Instructions. Add to chart, draw a trendline, label trendline " buystop1" or sellstop1, and set your tp, sl levels. Once you've done this, two more sets of lines will appear on your chart. These lines are the Trigger line and Entry Line.
When price touches the triggerline, a pending order ( stop order) will be placed at the entry line. The pending order, will be modified at each new bar to the next value of the Entry line ensuring your pending order is ready for the break out.
This EA can be used on the M1 for intra day break outs, up to the Daily Charts for longer term position building.
Enjoy.
Attached File(s)
