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One Hour Forex Breakout Strategy
This system works on a 1 hour timeframe and is applicable to all currency pairs.
Forex Indicators:
- 5SMA High and Low;
- MACD (8, 21, 8);
- Bollinger Bands (2, 20) on RSI (13).
Long Entry:
- Price must pull above the 5 SMA of the high and close above.
- Buying signal for MACD.
- Stochastic must be recently over sold under the 20 and be headed up.
- RSI must be above the green middle Bollinger Band line and be above the 50 level as well .
Short Entry:
- Selling signal must be seen on MACD.
- Price must drop below the 5 SMMA of the low and close below it
- Stochastic must be recently over bought above 80 and be headed down
- RSI must be below the green middle Bollinger Band line and be below the 50 level as well.
Exit Position:
Exit trade When the price is 3 pips above o below opposite 5 SMA.
Place Stop Loss at the previous swing point or 55-80 pips away from entry.
Profit Target: On the levels pivot, 50-70 pips.
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