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EUR/USD (Breakout):
It should be noted that the market was not stable and trend was not also so clear, aswell according to previous events, the price has still been trapped between 1.3780 and 1.3870 so it is of the wisdom to be neutral at this area. Therefore first step is wait for a period of tight sideway range market before breakouts. Then, it will probably that the market is going to start showing the signs of bullish market (Can expect explosive breakout). In other words, it will be a good sign to buy above above 1.3870 with a first target of 1.4 and price breakout and it'll climb towards 1.41. However, If the the pair breaks 1.3780 and closure below it, hence the market will indicate a bearish opportunity below 1.3780 then the support will be become a resistance, for that it will a good sign to sell below 1.3780 with a first target of at 1.3690 and it will call for downtrend in order to continue bearish towards 1.3606 (0.0% of Fibonacci retracement levels on H1 chart), in order to form new double bottom at this level.
R3: 1.4091
R2: 1.3972
R1: 1.3893
PP: 1.3774
S1: 1.3695
S2: 1.3576
S3: 1.3497
Breakout strategy: it's one of the best strategy has ever seen, but it so difficult and too complex. (Most important to find the trend power from Y = aX + b)
Breakout1 – Waits for a slowdown in volatility and then trades in the direction of the subsequent breakout. It is very short-term in nature, uses fixed stop losses and profit targets, and works best in fast-moving markets.
Breakout2 – A breakout strategy that looks to go long when a currency pair breaks above its 24-hour trading range, short on a break below. Unlike a raw channel breakout strategy,
However, Breakout2 uses an SSI trend filter to confirm whether or not price is likely to continue in the direction of the breakout. It opens a trade with five units and staggers entries and exits according to a pair’s Average True Range.
Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
Stop Loss should NEVER exceed your maximum exposure amounts.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
