Learn Forex: High Probability Breakout Trading 01.16
Summary: Price patterns indicate the possibility of USDOLLAR weakening over the next several weeks. Learn how to use a forex breakout strategy with the Donchian Channel Indicator to identify entry and exit points. A forex trading benefit of using a breakout strategy is that it can keep you out of SOME losing trades.
Head Trading Instructor Jeremy Wagner discusses:
*Anatomy of a breakout
*What 2 market environments are needed to improve the probability of follow through in a breakout
Price patterns suggest the EURUSD may reach 1.38 and GBPUSD may reach 1.64. See the explanations in the above video.
Also, if you need to download the Donchian Channel Indicator to your Marketscope Charts, it is available at no charge at FXCMApps.com.
As a bonus, around the 52 minute mark, a question was asked about scaling into positions. See how the emotion of indecisiveness influences my tendencies towards adding to positions.
In the webinar, I referenced these DailyFX Trading Tips Articles:
---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.
New to the FX market? Save hours in figuring out what FOREX trading is all about.
Take this free 20 minute “New to FX” course presented by DailyFX Education. In the course, you will learn about the basics of a FOREX transaction, what leverage is, and how to determine an appropriate amount of leverage for your trading.
Register HERE to start your FOREX learning now!
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.