The New York Breakout foreign exchange trading strategy is a simple and easy technique which involves waiting for a breakout of a support to auction and breakout of a resistance level to purchase.
Operates 24hrs and is the second largest forex trading session in the currency market after London.
- EURUSD, USDCHF, GBPUSD and USDJPY are the recommended currency pairs for exchange.
- 15 minutes is the recommended timeframe for trading.
- Requires none of the forex indicators.
- Begin up a 15 minutes chart diagram for a main currency pair like EURUSD or USDCHF.
- Then sketch a vertical line at seven am EST on your chart diagram.
- The third step, sketch another vertical line at nine am EST on your chart.
- Then sketch a horizontal line at the higher up of the candlestick or bars in the midst of the vertical line.
- Position a purchase stop pending order just one or two higher up, the high point and also position an auction stop pending order beneath the low point.
- Position your stop-loss on the reverse ends, your stop-loss for the purchase stop pending order will be positioned on the price level where you positioned the auction stop pending order and likewise but reverse for the auction stop pending order.
- Pause for a breakout to occur and when it occurs, you need to end the other pending order that has not been live.
- Target for 50 to 60 pips gain aims.
Always remember that there are only nine candlesticks in the fifteen minute chart, in the midst of 7am to 9am.
A ranging market occurs when you realize that the price doesn’t break the high or low. Thus, you have to end all your pending orders. You pause to exchange at the current time on the coming day.
Always remember that the USD announcement reports frequently occur around 7am to 9am.
If you reside in a GMT time zone, these will assist: 7am EST = 12pm GMT and 9am EST = 2pm GMT.
Utilize this strategy at your own risk. WindsorForex.com cannot be responsible for any losses associated with using any strategy presented on the site. It’s not recommended to use this strategy on the real account without testing it on demo first.
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