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GO Breakout and Retest
GO Breakout and Retest is probably the best price action indicator you can currently find on the market.
Designed for price action traders and not only, the indicator helps you spot retests after breakouts of supply / demand zones.
Please read the full description of the product in order to use the indicator properly !
Feel free to check out my other products here : https://www.mql5.com/en/users/gyila.oliver/seller#products
The indicator will search for setups only on live charts or in strategy tester. When you load the indicator on the chart, it will not display anything in the past !
As most traders know, after a break of a supply / demand zone, usually a pullback happens to retest the zone. The retest of the zone is the optimal time to enter the trade in the direction of the breakout.
As Holy grail does not exist, this indicator does not promise 100%, but the trade setups have a very high risk : reward ratio.
The indicator implements an extrafilter, with the help of that the signals are filtered based on the swing sizes before / after the break.
But to get the most out of it, you need to trade the perfect setups.
How to find the perfect setups : ( see the screenshot for examples )
When you get an alert :
- make sure the pair you are trading is trending and has large, nice movements
- the indicator plots the supply / demand zone that is broken and a horizontal trendline representing the broken support/resistance line. Make sure that the horizontal line was broken with a strong, larger than average candle
- make sure the s/r line was crossed only once ( see screenshots for explanation )
- make sure that when you get an alert, it was the first retest of the zone / line
- before and after the break, make sure the price made nice big moves both above and below the zone
- the best signals are when you get alert right on the s/r line
How to trade the signals of the indicator : ( personal suggestion only, but statistically this is the best way to trade these signals )
- Never risk more than 2-3 % of your account balance
- Don't try to trade every signal. Trade only the perfect setups
- For buy setups, place your stop loss below the low of the candle that broke the s/r line
- Set your initial target at 1:1 risk:reward
- when 1:1 risk reward has been reached, close half of your position and trail the remaining position by 1 RR
- if you get multiple signals in the same trend, trade only the FIRST signal
I am open to any suggestion regarding this indicator.
If you like this product, please don't forget to review it as such.
Happy pips !