Either of the both could happen. The common theme for both breakouts though is that there should be little to no resistance coming from the sellers during the breakout. This results to a strong candle breaking out of the resistance. This is called momentum. The same is true with supports, only that instead of ready sellers, we have ready buyers, which causes a bounce to the upside. What most traders do however is that they get too caught up with price breaching a certain price level or area, they tend to disregard momentum.

Some price action traders even go to the lower timeframes to look for revisits of the support or resistance and enter during the revisit of price, disregarding the fact that on the timeframe they are trading or even on the higher timeframe, they are trading on a reversal candle, instead of a candle showing momentum.

To aid us with identifying momentum candles, we will be using Bollinger Bands. We will be defining momentum candles as candles that close beyond the outer bands of the Bollinger Band. We will not trade prematurely prior to close out of fear of missing out on a better price. We will still be setting up our horizontal supports and resistances and wait for a breakout out of it, but we will need the Bollinger Bands to confirm momentum.

If you prefer marking supports and resistances using a naked chart, without any indicators, do so, then add the Bollinger Bands while you are waiting for the breakout. Stop Loss: Stop loss should be a few pips below the low of the breakout candle. Price should not retrace to the low of the breakout candle if it indeed has strong momentum.

Stop Loss: Stop loss should be a few pips above the high of the breakout candle. Price should not retrace to the high of the breakout candle if it indeed has strong momentum.

Breakout strategies on its own are already good enough, specially to those who take momentum into consideration.

Many price action traders are well versed in trading breakouts, and also do take into consideration the momentum behind a candle. Some do it by just eye balling the candles or some are familiar with candles that indicate strong momentum. Others just got to develop a feel for a candles momentum due to the screen time they have with the charts. What the Bollinger Band has done is simply to add a filter that would determine momentum. And it does it simply by determining if the candle has closed beyond the outer bands.

This means that the candles size and close is more than 2 or 3 times the usual candle size. A candle that is that big in my mind should have momentum.

One thing to take note of though is that momentum candles in itself is already pretty long. By having a take profit of 1. Having it longer might make it hard for price to reach specially if the breakout candle is already a long candle.

The exit strategy is however one of the areas you could tweak in this strategy. You could set a lower take profit to increase win rates or raise take profit ratios to increase the reward-risk ratio. Another thing you could consider though is to not set a take profit and base your exit on the close of the candles relative to the Bollinger Band or use price action and the next support or resistance as a basis for the exit.

BB Breakout Forex Trading Strategy is a combination of Metatrader 4 MT4 indicator s and template. The essence of this forex system is to transform the accumulated history data and trading signals.

BB Breakout Forex Trading Strategy provides an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye. Based on this information, traders can assume further price movement and adjust this system accordingly. Click Here for Step-By-Step XM Broker Account Opening Guide. Some templates are already integrated with the MT4 Indicators from the MetaTrader Platform. Get Download Access. Save my name, email, and website in this browser for the next time I comment.

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