FOREX Breakout Strategy
The Forex breakout strategy is based on the idea that a currency pair will fluctuate within a particular range and the range will vary according to routine pressures. You can spot a breakout opportunity when the currency pair price falls below a support point or moves ahead of a resistance point. A good entry point is when the low of the piercing candle is taken out. It is better to wait for the reversal pattern where price breaks the S/R line with a strong momentum candle(small wicks)then price retraces back to previous S/R line then place your entry about five pips above the swing high and your stop around the S/R line then if price respects thin S/R line then it will go in your favour,then exit at about 80% of the whole congestion pattern.
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