Super Signal breakout trading strategy

Its been some times not write on this blog because I have another job. Here I just want to write for myself (but if any benefit for you, you can use it too) about a breakout trading strategy. This strategy is mainly based on 2 bar breakout but with the help of Super Signal indicator. 
The idea is to open a transaction when Super Signal arrow already exist and there is a breakout of the next bar after Super Signal. So, I basically I do not enter the trade when Super Signal arrow appear. I need to wait for another bar completed to develop and the next bar (3rd bar) breaks the low or the high of the previous 2 bars. 
Example for buy position
As you see on the picture above, the super signal arrow appear on the red bar. This indicate that there will be a retracement or even a change direction soon. We wait until the next bar is completed.
After the next bar is completed, we draw fibonacci. Drag from the highest point of the 2 bars to the lowest point of the 2 bars (see picture above). Open position when there is breakout fibo level 100 and our target is level 161.8 or level 200.  

0 comments:

Based on original Visionary template by Justin Tadlock
Visionary Reloaded theme by Blogger Templates
This template is brought to you by Blogger templates

Visionary WordPress Theme by Justin Tadlock Powered by Blogger, state-of-the-art semantic personal publishing platform