High Probability Breakout Trading in Forex 2.6
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
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To learn more about trading with the RSI, enroll for this free RSI course. Register HERE for the 20 minute RSI course.
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