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High Probability Breakout Trading in Forex 2.6

By , Head Forex Trading Instructor
07 February 2013 01:42 GMT

Summary:One forex trading tip is using divergence coupled with the Donchian Channels to enter into a trend. This is a video version of “How to Keep from Chasing Extended Trends” with a practical application of the methods using forex cross pairs, namely the CADCHF, GBPCAD, and EURAUD as examples.

Head Trading Instructor Jeremy Wagner discusses:

*Using a bias on a market to implement a breakout strategy on

*How to use the Relative Strength Index (RSI) and the Donchian Channel Indicator to identify when a trend has corrected deep enough

*How to use the Donchian Channel Indicator to identify entry and exit points of a trade

Additionally, half way through the video I walk through how to download the Donchian Channel Indicator to the FXCM Marketscope charts.

Best of luck trading!

---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.

To learn more about trading with the RSI, enroll for this free RSI course. Register HERE for the 20 minute RSI course.

07 February 2013 01:42 GMT