Session Breakout Strategy
First, start by choosing a Range Session and Trade Session
Range Session = Period of time you believe will be predictive of future price action. I like to overlay 'FX Market Sessions' by boitoki to target timeframes in which forex market sessions overlap. This period is indicative of buyers and sellers battling it out in an effort to choose a direction.
Trade Session = Period of time you believe the price will act on the information gathered from the range session.
Next, we filter the Range Session by information that will help further predict price movement in the Trade Session
Our tools are:
Moving Average Filter
Average RSI Filter
RSI Decision Level
Each parameter is customizable.
Next, we set our risk
Enter the "stop pip size' you desire.
Enter the 'target profit pip size' you desire.
We can set out ($) dollar risk-per-trade in the inputs. The script does not know your actual account balance, so if you want to risk $100/trade you would enter '$10,000' in the account balance section and '1' in the Risk Per Trade% section.
For example, an '8' stop and an '8' tp would indicate a 1:1 risk-reward. *Note - although you may generate a higher win percent with a less favorable RR, it is rarely worth it.
Finally, we backtest our ideas
After using the ‘Strategy Tester’ tab on TradingView to thoroughly backtest your predictions you are ready to take it to the next level – Automated Trading!
This was my whole reason for creating the script. If you work a full-time job, live in a time zone that is hard to trade, or just don’t have the patience, this will be a game-changer for you as it was for me.
When it comes to auto-trading this strategy I have included two options in the script that utilize the alert messages generated by TradingView.
*Note: Please trade on a demo account until you feel comfortable enough to use real money, and then please stick to 1%-2% of your total account value in risk per trade.*
What should I trade?
Check out our Indicator Settings page!
Also, please don’t hesitate to message us or send us an email!
Good luck with your trading!
"Do the right thing. Do the best you can. Always show people you care."
Lou Holtz - Coach