The ATR Stops with Magic FX Trading is an Average True Range (ATR) based forex trading system. It provides great assistance in anticipating the breakout setups, pullbacks, and trend reversal conditions.
The curvilinear line across the price chart represents the M15 ATR Stops indicator. It identifies the existing trend conditions and simultaneously determines dynamic support/resistance levels. Moreover, the system depicts potential breakout zones by using the Pivot-Point indicator.
Furthermore, you’ll find the Market Hours indicator at the bottom of the chart showing the current market session. It also shows the opening and closing hours of each trading session.
ATR Stops with Magic FX Trading suits all MT4 timeframes. Moreover, it comfortably adjusts to any financial assets, including forex pairs, stocks, Gold, Oil, and crypto-assets.
The GBPUSD price was propelling inside a consolidation range, indicating a sideways market in the above chart. At one point, the price pulled up from the daily market low and retested both M15 ATR Stops and Pivot-Point resistances.
Next, the price breaks both the dynamic and horizontal resistance. Also, the M15 ATR Stops turn green, confirming the bullish breakout following a valid uptrend condition. Enter long when a bullish breakout or pullback matches the trend direction.
Also, consider a long exit whenever the price stalls under a significant resistance or breaks below the ATR support.
Target a sell entry when the price rebounds from the top after completing a bullish run. The M15 ATR Stops must turn red and appear above the price bar, confirming the initiation of the bearish trend. Next, wait until the price breaks below the Pivot-Point support for entering the sell order,
Place SL above the dynamic resistance of the ATR Stop. Consider a sell exit whenever the price denies to break below pivot support.