WHAT IS MOMENTUM BREAKOUT STRATEGY?
Steps to implement "Momentum Breakout Strategy":
Identify the trend using
technical analysis tools.
Identify momentum using
RSI, Stochastic Oscillator or MACD.
Wait for a breakout above/below key support/resistance level to
confirm direction and entry point.
Set a
stop loss just below the breakout level.
Identify
take profit level based on the distance between entry point and next support/resistance level.
Adjust stop loss and take profit levels as the trade progresses to
maximize profits and limit losses.
Overall, the "Momentum Breakout Strategy" is an effective forex strategy that requires
discipline and careful analysis.
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