Summary:Using forex technical analysis, one trading tip Forex Educator Jeremy Wagner brings is to bias or filter your breakout trades. That way, once a bias is established, then wait for your orders of the breakout strategy to trigger you in and out of the trades.
Bias your trades with forex analysis
Jeremy biases the current market toward US Dollar weakness as an example. This could bring the EUR, GBP and AUD to levels higher than most would anticipate. The bias Jeremy uses in this video is a trend towards US Dollar weakness over the coming days. Using the carry trade and the ability to earn interest on open trades, Jeremy focuses on the forex analysis of the AUD/USD which shows it may have completed a triangle pattern.
Set up your trade orders with the Donchian Channel Indicator
Wait for the market to hit your orders. The Donchian Channel Indicator helps frame the market to help you identify strategic price points to enter and exit trades. Jeremy illustrates how to use this simple indicator to frame the trade.
Related Reading:
Trade Forex Breakouts Using Inside Bars
How to Use Alternating Waves in a Forex Strategy (Part 1)
Timing Forex Reversals with Equal Waves (Part 2)
Related Resources:
FXCM’s Trading Station Platform
Donchian Channel Indicator Download for FXCM’s Marketscope Charts
---Written by Jeremy Wagner, Head Trading Instructor, DailyFX Education
Follow me on Twitter at @JWagnerFXTrader.To be added to Jeremy’s e-mail distribution list, click HERE and enter in your email information.
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