Magic Breakout Review
What we thought
|Easy to follow||5/5|
FREE or $87 for Plus version
MagicBreakout Forex Trading Strategy is an old-fashioned trading strategy. It's out of harm's way. You jeopardize a petite quantity of cash on every trade. With the MagicBreakout, you can enter the market before the crowd. By means of this stratagem you will be capable to foresee breakouts before the thrust traders reach your destination. The complete modus operandi is merely automatic and you deal by following a set of uncomplicated regulations. The MagicBreakout approach has become a key of the top traders.
The various benefits of utilizing the automated forex trading strategy “Magic Breakout” are as follows:
- Trouble-free to implement
You should also know the meaning of breakout when you talk about MagicBreakout. A breakout occurs when the price breaks a significant high and makes a new high. Another breakout happens when the price breaks a noteworthy low and makes a new-fangled low. An ostensible momentum dealer places his buy-stop order just above the momentous high. He is in the making for this high getaway. If the breakout didn't ensue, he calls off his buy-stop arrangement and prepares for the subsequent trade.
In contrast if the breakout ensues and his buy-stop target is overflowing, his trading podium without human intervention unfastens a long location. The same holds for a stumpy breakout (in that case, trader would place a sell-stop array). CCI indicator acts like a filter for blemishing winning trades. Not only a filter. It gives a prospect to cross the threshold of the market before a breakout. Cut losses and let profits run - this is the way how the proficients deal. Letting your profits run is the only way you can cover the cost of your losses and this is not as easy as it sounds. The sentiment of fear comes into play here. The bigger the profit becomes, the more a trader wants to take it. One needs a specific strategy that is undemanding to follow.
The rules for a short entry:
- CCI (Commodity Channel Index) crossed the -100 line downward. If yes move to next step.
- Is price trending down? If yes move to next step.
- Do you see a valid swing pattern? If yes move to next step.
- Sell now!
- And prepare your exit targets... We must take care about
- Profit target and stoploss right after entry.
- Leave the foremost proceeds goal (sell-limit sort) at 1.618 Fibonacci level;
- Position the subsequent revenue objective (sell-limit order) at 2.0 Fibonacci level;
- Set stop loss (sell-stop order) at 0.0 Fibonacci level.
- You are finished!