The Forex Trend & Breakout System analyses and determines the market trend direction, identifying possible breakout opportunities and entry and exit points.
It consists of three indicators: HBF, HBH, and BBands Stop – trading signals generated by them are simple and easy to follow.
This system fits all kinds of timeframes and currency pairs.
How does it work? How to apply in trading?
Trading Rules Explanation
Open long trade when the following conditions are met:
- HBH turns blue – this indicator looks similar to Heiken Ashi candles
- BBands Stop turns blue and appears below the current price bar
- HBF turns blue color and goes to a positive value – this indicator is placed in a separate window below the main chart
- Place your stop loss(SL) a few pips below the last chart swing low.
Open short-sell trade when the following conditions are met:
- HBH turns red – this indicator looks similar to Heiken Ashi candles
- BBands Stop turns red and appears above the current price bar
- HBF turns red color and goes to a negative value – this indicator is placed in a separate window below the main chart
- Place your stop loss a few pips above the last swing high.
Exit Trade / Take Profit
Close your open position when the opposite signal appears, or use your preferred method of trade exit.
As always, to achieve good results, remember about proper money management.
How to set up the Forex Trend & Breakout System in MT4?
- Forex Trend & Breakout System. tpl
Copy and paste indicator files into the MQL4 folder of the MetaTrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Similarly, copy and paste the template file to the Templates folder.
Now, right-click on the chart, and hover over Templates. You will have displayed a list of available systems; left-click the template name you want to run.
The Forex Trend & Breakout System is worth adding to your trading collection but remembers to have realistic expectations. However, just like any other mt4 technical analysis tool, it cannot provide very accurate signals 100% of the time. Thus, it will give wrong signals occasionally. In addition, its performance will change significantly depending on market conditions.
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