Breakout Lines

Breakout Lines by XEB06 !

This isn't any magical Indicator or the Holy Grail.

This is a simple indicator based on the EMA 3 and 5. Calculated on HLC while ignoring Open price for smoothing the price. Generally works on Stocks, Indices, Metals, BTC and ETH.  

Why I use this

1. To trade Key levels 
2. To confirm that 2 and 3 candle Engulfing 
3. To have tight SL

Time Frame 
Stock            = 15m to Monthly
Indices        = 1min to Monthly
XAUUSD      = 5min to 4hr 
BTC & ETH  =   5min to 1hr

How to trade 

1. Wait for price to come near Key levels 
2. Trade HTF direction 
3. Wait for a engulfing candle [2 or 3 Candles] 
4. Wait for the price to close above both the Lines 
5. Keep SL on the low of the formation 
6. Don't trade when there is huge Imbalance in price [very large candles]
7. Don't Counter trade the trend
8. Don't over trade in consolidation 
9. Trade only on Retracement/Pullbacks
10. Trade during NY or London Session for Greater winrate  

#XEBwasHere  

Thanks to MR Sharma, for introducing me to this system.