I do love this system which called Fibonacci breakout system. The basic of this system is to catch the breakout on 100 fibonacci level and the target is 161.8 fibonacci level. Fibonacci breakout system works on any pairs and best on M15 or higher timeframe. But I do not recommend to use this system on D1 or weekly time frame since it will take longer and need more balance to hold the floating.
See the example on EURUSD H4 below
In order to open BUY, price have to make lower high. If this condition does not meet, we do not open buy. See the picture above where EURUSD has made lower high. The idea is to open the BUY position once price break the last lower high. Sometimes price directly move up without any retest, but sometime price still made retest.
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