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Thread: WEEKLY BREAKOUT STRATEGY

  1. #1
    Trader ola4real's Avatar
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    WEEKLY BREAKOUT STRATEGY

    Good evening everyone, i am so glad to write my first thread today, it is long overdue since i have being in the forum for about three months now. I was taught this lovely and simple trading strategy called weekly breakout by a friend back in the school days, and i hope it will be of good value to all of you to make fortune in the forex field just as it has helped me in particular. It is a simple strategy as long as you can follow it the way i am about to explain to you it. All the best to you all...

    SCOPE OF WEEKLY BREAKOUT STRATEGY: As we all know that the market respect the strategy of breakout so much, it can be a daily breakout, weekly breakout or monthly breakout, the market will respect all of them when it gets to their level. I have used daily, weekly and monthly breakout, and i realize that the one that is more powerful according to my demo experience is the weekly breakout strategy, that is why i have being using it ever since then to make income from the forex field.

    What you have to do is to go to your line panel on the mt4 chart, pick two vertical lines and two horizontal lines, and place the vertical lines where the market opened and close for the previous week on 4 hours time frame. Then, place the two horizontal lines at the highest and lowest point of the previous week.

    For Vertical: Attachment 23007


    For Horizontal: Attachment 23008


    Note: I select the 4 hours time frame so that the lines will be easily readable, you may use lower time frame like 1 hour time frame for it or even daily chart, the choice is yours.

    STRATEGY: Make a buy order when the market breaks the yellow vertical line up when it is a buying market. In the same way, make a sell order when the market breaks the yellow vertical line down when it is a selling market. As you can see, this is a very simple strategy, but it is a powerful strategy to make us earn big income in the forex field.

    STOP LOSS AND TAKE PROFITS: I know that the strategy that is not using stop loss and take profit is a bad strategy, but i don't like choosing stop loss and take profits points for traders. According to my usual trading, i use 30 pips as stop loss, and 120 pips as my weekly target on major pairs. And 35 pips stop loss and 150 pips target for crossed pair trading.

    EXAMPLES: I have two examples for you on EURJPY and USDJPY. You can see when the market breaks the yellow line down on EURJPY at 131.884, the market later became so strong to the sell order, it moved many pips after then. And look at chart of USDJPY too, when the market breaks the previous week high at 107.847, the market climbed up strongly.

    Attachment 23009


    Attachment 23010

    CONCLUSION: This is a good strategy i have being using for long, it is powerful and skilled. With this simple strategy, any trader can trade once or twice in a week and make big value of income.

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  2. #11
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    Your strategy sounds interesting and you have indeed claim to become profitable for you. I would want you to paste some recent result for this breakout system and how it's been going well for you. It's not just about demo trading, it's about making same impact in the live account. I have been in this business for a long time and seriously too many false breakout are just littered everywhere. Like the way you sound you don't normally use stop loss for this system but it have to be necessary. However I love the simplicity and the risk to reward ratio.

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  3. #12
    Trader Toyen's Avatar
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    Weekly breakout strategy is not a bad strategy, any strategy that will have the one of the support and resistance are strong strategy to trade. And for it to be the weekly line will make it to be strong for trading, i will be trying this strategy as from the weekly opening of next week. Traders can use this to know what to trade for the whole week, and it will not confuse us to be trading many times in a week.

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  4. #13
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    Quote Originally Posted by Toyen View Post
    Weekly breakout strategy is not a bad strategy, any strategy that will have the one of the support and resistance are strong strategy to trade. And for it to be the weekly line will make it to be strong for trading, i will be trying this strategy as from the weekly opening of next week. Traders can use this to know what to trade for the whole week, and it will not confuse us to be trading many times in a week.
    Well, what matters is the kind of trading strategy the trader is working out the with weekly time frame, but i am sure that it is not all the weekly strategies that can be comfortably working for traders. For success to be made really, i think that this trading strategy explained here is a good one. When the market makes a tangible breakout of the previous levels, the trader can be so sure to make more income with it.

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  5. #14
    Trader layigold's Avatar
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    I would rather depend on using the trendline with candlestick patterns than using the arrow indicator you mentioned in the trend . Know for sure that most indicators are too lagging and over reliance on them could lead to serious disappointment and losses. I could see that the trend line is well drawn on the chart attached to this thread and that alone combined with support and resistance level is enough to trade forex profitably .

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  6. #15
    Trader simpleman's Avatar
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    Yes this is true , trading breakout is a good opportunity to have big income if we are able to discover it early and have early entry before the trend go far,notwithstanding we still need to wait for the confirmation of the breakout if it is going to continue, this can be done by waiting to see the retest of the breakout level , then if repels the price then we confirmed that the trend is continuing to the side it breaks into.

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  7. #16
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    Quote Originally Posted by simpleman View Post
    Yes this is true , trading breakout is a good opportunity to have big income if we are able to discover it early and have early entry before the trend go far,notwithstanding we still need to wait for the confirmation of the breakout if it is going to continue, this can be done by waiting to see the retest of the breakout level , then if repels the price then we confirmed that the trend is continuing to the side it breaks into.
    To be simply frank, trading of the market is best with breakout strategies, this is how a trader could know a befitting trading approach that can launch them into their success. When traders trade with the weekly strategy explained here as well, it will give the trader a reasonable way to trade, and this will surely amount to the success of the trader in an easy way and in a short possible time as well.

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  8. #17
    Trader Toyen's Avatar
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    Quote Originally Posted by ajagbeolegba View Post
    To be simply frank, trading of the market is best with breakout strategies, this is how a trader could know a befitting trading approach that can launch them into their success. When traders trade with the weekly strategy explained here as well, it will give the trader a reasonable way to trade, and this will surely amount to the success of the trader in an easy way and in a short possible time as well.
    Yes, it is good to trade with breakout strategies, they are so common and they are good for trading the forex market. When we can learn it and trade it well, it is a good strategy that can give us the hope we need in the market. I like the weekly breakout too, there are always breakout on every of the time frame on the chart, but it is the larger time frames that are the best for trading.

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  9. #18
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    This is a good breakout strategy, I am using a trading strategy that is similar to this one, but I don't apply any drawings to my chart, I just check the breakout directly on the weekly chart pattern. The trader may not trade the major currencies if they want to make such an achievement, it is the crossed pairs that does that for me all the time.

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  10. #19
    Trader cutiekc's Avatar
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    I would say that the trader who made this thread is still a newbie in the market because looking at the plotted support and resistance line I can bet the trader is still learning. In some cases the trader should have spotted the breakout if the trader knows how to make use of the trend line. However then. I have an idea of the breakout because the weekly trading will need so much patient, therefore you could trade the weekly breakout on 4 Hour time frame, mayhap.

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  11. #20
    Trader ola4real's Avatar
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    Quote Originally Posted by Toyen View Post
    Yes, it is good to trade with breakout strategies, they are so common and they are good for trading the forex market. When we can learn it and trade it well, it is a good strategy that can give us the hope we need in the market. I like the weekly breakout too, there are always breakout on every of the time frame on the chart, but it is the larger time frames that are the best for trading.
    I have seen that the best strategy to trade forex field is for us to trade the breakout, that is how the market trend will be seen and we can trade our forex account without fear. The traders that trade the breakout on weekly chart like the one i wrote on this article will make income and will not lose like the trader that trade the low time frames. I take my time to avoid any time frame that is low for trading.

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