Today’s New Breakout Signals
Today, we have so many new signals – new 19-day highs or low closes for a given FX pair – that we merely highlight a couple of breakouts of interest and leave the full list for farther down in this post. The high number of signals is mostly down to a significant move lower in the US dollar to a new low for the cycle after a bit of rangebound behaviour in places last week, but there are other breakouts afoot as well.
Breakouts and auto trade setups
Auto trade setups are taken on the principle that a “new” breakout signal is the first signal in five days and a stop is established at 1.05 average-true-range from that closing level.
SIGNAL: GBPUSD closes at new 19-day high
Example auto-trade setup: buy on breakout close at 1.3353, stop at 1.3230, target: hold for new high in days 7-9 (Sep 8-10)
GBPUSD broke to a new cycle high and has only traded above current levels for very brief episodes stretching all the way back to early 2018.