One to Three Trendline Breakout Free
This indicator scans the 1-3 Trendline pattern . The indicator is a 100 % non repaint low risk breakout system. The patterns are formed around swing high and swing lows which make them a low risk pattern with high reward.
free version is designed for use on the EURUSD pair only . To get the full version for all pairs go to https://www.mql5.com/en/market/product/45231
The 1-3 Trendline Breakout pattern is formed by four(4) points which are composed of three (3) primary points and the pattern neck. A trendline is always formed by the point 1 and the neck of the pattern . When price breaks out of the trendline formed , it usually indicates a shift in supply and demand and thus a possible new trend. The 1-3 Trendline Pattern occurs in every market and it is formed by supply and demand. This means the pattern is not limited to forex market only but can also be used to trade commodities are stocks.
HOW TO USE
1. Spot the pattern when the signal comes up
2. Make sure the trendline has not been broken before .When this happens in most cases it is usually a false pattern but there are also some successful pattern formed this way. Our advise is if you are going to risk taking this type of pattern , make sure the stop loss/risk level is very small.
3. Trade the signal
4. Close partial profit at a 1:1 risk to reward ratio. This means when price reaches a profit equals to the risk, close out part of the trade and ride out the rest profits.
1. Pattern Period : The pattern are created using zigzag. The pattern period is the zigzag period.
2. Bullish Pattern : Bullish pattern color
3. Bearish Pattern : Bearish Pattern color
4. PopUp Alert : True/false
5. Phone Notification : True/false
6. Email Notification : True/false
Forex is market driven by sentiment and sentiments can change in seconds thus no forex strategy is a 100% profitable . Always trade with discretion , take calculated risks and don't stake what you are not ready to lose . Stay safe and stay green on the pips.