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1 Hour Inside Bar(s) Breakout Trade - No Indicators

 
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jgorby

1 Hour Inside Bar(s) Breakout Trade - No Indicators

Locate an "inside bar" on the 1 hour chart of a pair that is currently in a trend. Most likely this pair will be at an area of Support/Resistance, (inside bar = consolidation)

(I do this in MT4 because it is faster to "Scan" and Support and Resistance Lines automatically transfer to thru the charts)

Go to the Daily chart and confirm it is moving in the  same direction ( Daily and 1 hour trends are in Alignment).

Locate on the Daily Chart the next area of Support or Resistance (in trend direction).

That will become the Target (Better to place just before).

Go back to the 1 hour chart and determine if Risk/Reward is OK to place a trade. (based on where you want to put your stop and the target found on the Daily) 

Set the trade up (in Alveo) with buy stop or sell stop for entry, stop loss and take profit.

 

 

 

 

Wed, 10/31/2018 - 11:37pm
 
minielye

Sounds interesting. Can you send an example of a trade using your system? Thanks

 
RJay

Maybe monthly chart showing gold might be going back up......engulfing candle patterns.....

xau-usd monthly chart.png