Professional and retail traders alike use breakout strategies most often. This indicator plots horizontal supports/resistances with blued dots representing supports and red dots representing resistances. These are calculated from the swing highs or lows. This is how normal support and resistance are plotted.
We wait for a fully-bodied momentum candle that breaks through it to close outside the range. All entries are subject to stop entry orders. This is due to the fact that even with a momentum candle there may be a slight retest or resistance of the previous support when it is broken. We don't know whether this is a true breakout or a fake out during these phases. We use pending stop orders to ensure that we enter the market when the breakout has been confirmed.
Indiator: Support Resist Levels
Currency Couple: any
Timeframe Chart: 1 hour chart and higher
Trading Session any
How do you trade with Dynamic NNR Breakout Forex Trading Strategies?
Trade Setup Rules
Entry
- Bullish momentum candles should break and close above resistance.
- Place a pending stop order slightly above the breakout candle's high. This should be activated on the next candle.
- Stop order not activated on the next candle? Cancel the purchase stop order
Stop Loss
- Place the stop loss at the resistance level
Take Advantage
- The stop loss risk should be 2x the take profit
Short Trade Setup Rules
Entry
- A bearish momentum candle should be broken and close below the support level. (blue dots).
- Place a pending stop order to sell a candle that is a little lower than the breakout candle's low. This should be activated on the next candle.
- Stop order not activated on the next candle? Cancel the stop order
Stop Loss
- Place the stop loss at the support level.
Take Advantage
The take profit should be set at 2x the risk of the stop loss.
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How do I download and install an indicator?
These steps are required to install the indicator onto your MT4 platform.
- At the bottom of this post, click on the " Download indicator" button.
- Save the file to your hard drive.
- Move the files to the MT4>Indicator directory in the MetaTrader4 software program file directory.
- Start your Metatrader platform.
- Navigate to " Indiators."
- To apply the template, select " Dynamic NNR Breakout Forex Trading Strategie".
Note: The indicator was created by T. Morris. AtoZ Markets has no copyrights to this trading tool.
Should Dynamic SNR Breakout Trading Strategies be used by you?
This article will help you understand the basics of trading with startgey before you begin to trade.
Dr Yury Safronau is a PhD in Economics and our in-house trader. He gives you daily signals to buy or sell forex, metals and cryptocurrencies.
Since 2015, his trading strategies that are based on nonlinear dynamic models have earned more than 65 000 pip profits. There are strong signals in several markets right now that you shouldn't miss.
You want to know which ones?
