Consolidation and TL breakouts 15m, 30m, 1h and 4h charts

I use a simple no stress strategy and i hope you participate finding setups.

It works like this:
find out what the direction of the trend is.
If the trend is bullish, find bearish candles happening now.
Draw a square around the consolidation.
Put a buy stop above the consolidation with a sl below.
Your target is the same distance as your sl.
You make profit because it happens more often then not.
If you find a setup, post it!

Here is an example CAD yen.
its a 9 days of data.
If you risked 0.5% per trade you had 9 wins and 2 loses which is:
(9-2) * 0.5% = 3.5%
profit trading just 1 pair.



The quallity of the setup depends on:
- The length of the consolidation, longer ones are better.
- The size of the previous wave, works better when previous waves are stronger.
- Are there spikes in the consolidation in opposite direction.
- Does not work when news comes out.
- Low spread pairs work better.
- Trading away from pivot points works a better don't enter towards a close by pivot point. If you can put your stop loss behind a pivot point for extra protection.
- Works better when stoch = oversold or divergence.
- You have to take into account the ask and bid price. The chart is made up out of the bid price, your buy stop order will be triggered by the ask price so you must put it a bit higher.

Example of one you should not have sold on breakout.
Reason: It does not come from a strong bear. the longer term trend is bullish.

usdcad.

audjpy

a nice thing about this system is that you don't need large charts, just tile them and you have a nice overview of all pairs you are interested in.

usd jpy put sell stop below wedge, sl above.

chfjpy 30m

put breakout above.

Here's one that fits the thread description:

nice one thanks...

check this.. eur usd intraday breakouts.

hey how is it going. Was just looking through archives on MT4 indicators and found something which could be applied for this style of trading.
This will plot consolidation boxes on your set timeframes. Pretty good, no ads also (checked that).

that's great stuff! thank you!
i'll try it now.

you are welcome

High impact numbers USD coming later today.. Placing breakout trade..

Looking good. Can you tell me your box parameters?

The boxes are drawn from 0:00 to a time upto 10:30. If before this time a clear confluence area is established then we take this box otherwise we wait till 10:30..
This morning the box was established, price wend all the way up and down in the box.
A box is established by an up move and a down move or the other way around.
Smaller boxes are better, easier to get to target.

OK. My boxes are from 00:00 UK to 09:00 UK. I use <50% of daily ATR to validate.

check out this strategy. it is a lot like mine.

something else.

eur usd basic setup happened, got rejected hard at the level.
of course i missed it but i have the advantage that it already got rejected.
so i just entered a short and put a sl above the 50% fib.
with news coming in its risky so can also make breakout trade below white trend line.



another notable thing here is it does not have to turn:

and right now it looks like a wedge.



on the upside.

I backtested it a simple version. Even without tuning it it is profitable.
Bottom right block is the profit of this strategy over a year.
This is buying only, not selling. Will add this later, for now i want to improve it.

wow, this is the best profit curve i had with testing any strategy.

Hi what's the name of the software you're using to backtest?