A Breakout Trading System Based on One Bar
March 13, 2008
Found this breakout system just this afternoon. It is a little different, but looks fairly simple. Based on just one bar, a one-hour bar, you can easily place the buy or sell order with a 20-pip take profit and a protective stop loss orders. Read how this breakout trading system works here at Forex Strategies Revealed.
Difference among some of the breakout systems introduced on the site:
- I use daily high and low, + 5 or -5 pips to place the stop buy and sell orders. EUR/JPY only. 30/30 profit/loss.
- A variation of my method is to use the high and low between 0:00 GMT and 7:00 GMT, + 5 or -5 pips to place the stop buy and sell orders. EUR/JPY only. 30/30 profit/loss.
- Fx Trader Man’s breakout system uses the high and low during the Asian session to place orders.
- Daily 20 Pips uses this strategy to trade British pound.
