This system uses a 4 hour, daily and weekly timeframe and applicable to all pairs.
Calculate a 10-bar price channel of highs and lows.
There must be a close above the top line of a 10-bar price channel.
There must be a new four-bar low within 10 bars of the breakout.
Buy on the next open.
There must be a close below the bottom line of a 10-bar price channel.
There must be a new four-bar high within 10 bars of the breakout.
Sell short on the next open.
There are various option in exiting a position. First is we enable a money management stop, a break-even stop, and a % Risk Trailing stop. Second would be exiting a long position on a rally to a new eight-bar high and a short position on a decline to a new eight-bar low.
Take Profit at 60 pips on EU, 70 pips on GU at a 4 hour Time Frame.
For Daily time frame, take 200 pips for Eu and 250 for GU.
How to install Forex Channel Breakout Strategy?
Download Forex Channel Breakout Strategy.zip
Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
Copy tpl file (Template) to your Metatrader Directory / templates /
Start or restart your Metatrader Client
Select Chart and Timeframe where you want to test your forex strategy
Right click on your trading chart and hover on “Template”
Move right to select Forex Channel Breakout Strategy
You will see Forex Channel Breakout Strategy is available on your Chart