Hi, see you again on my Forex journal. I want to show you how to trade using support and resistant breakout system. The basic idea of this strategy is when price break the recent support, it will go through. But, before we go SELL or BUY we must have the following conditions:
See how the price has made higher high. After the peak, the price move down and make a new support. After the new support is developer, the price move up a little bit and cannot break the last high. This is the critical point. When price cannot make a new higher high, we can go sell on the new support breakout. I use Fibonacci level 161.8 as my target profit.