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Intraday Channel Breakout Forex Indicator MT4
Buy Signal
Enter a long trade in the price breaks above the channel. The triggering candle should close above the channel. Similarly, a bearish channel occurs when the price action breaks below and the triggering sell candle closes below the channel.
Intraday Channel Breakout Trading Example
The chart shows the price action for the Euro against the US dollar. The currency pair consolidates, and the indicator draws a channel. The price moves above the midpoint showing a bullish sentiment. The price goes ahead and breaks above the channel.
Similarly, when the price moves below the midpoint and breaks below the channel, it’s a tell-tale sign of price reversals. You are looking to open a short position.
Conclusion
Intraday Channel Breakout is an ideal indicator for trading the Asian range. It gives accurate trade entry points.
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