1# Channel Breakout with pullback Trading System
Submit by Forexstrategiesresources
Time Frame :4H, daily and weekly.
Setup channel breakout
a) Calculate a 10-bar price channel of highs and lows.
Long Entry Position Channel breakout
a) Check for a close above the top line of a 10-bar price channel.
b) Check for a new four-bar low within 10 bars of the breakout.
c) Buy on the next open.
Short Entry Position Channel breakout
a) Check for a close below the bottom line of a 10-bar price channel.
b) Check for a new four-bar high within 10 bars of the breakout.
c) Sell short on the next open.
b) We’ll also exit a long position on a rally to a new eight-bar high and a short position on a
decline to a new eight-bar low.
Take Profit: 60 pips EUR/USD, 70 pips GBP/USD 4H Time Frame, for Daily time frame 200pips EUR/USD , 250 pips GBP/USD (recommended)
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