123 breakout strategy in forex

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You don’t care about what direction price will move after the news is released. All you really care is that whichever direction it moves after news release, you want to able to catch that price move. So how do you do that? Timeframes: 5 minutes or 15 minutes. Also identify the nearest support level in the 5 or 15 minute timeframe.

About 1 minute before the news is released, place a buy stop pending order 2-3 pips above the resistance line. Also place a sell stop pending order 2-3 pips below the support line. Stop loss: for the buy stop pending order, place it 3-5 pips below the support line. For the sell stop pending  order, place its stop loss 3-5 pips above the resistance level. Take Profit Targets: Aim for 60-100 Pips or use risk:reward ratio of 1:3 to calculate your take profit target. So if you don’t cancel your other pending order quickly, it can also activate it and then if it changes direction after that, you can have two stop losses being hit. Don’t forget to share by clicking those sharing buttons below.