More at exacttrading.com Here is another follow video in my series about Forex Price Action Trading methods and strategies. Please check out my You Tube channel and playlist of various Price action strategies This video explains how I propose to trade the breakout which has just taken place following the hawkish comments on the expected rate rise in the USA. As I have already discussed using price action is the best way to take profits out of the Forex markets. Once you understand that, the game becomes much easier, you simply have to read the price action and understand when the price is breakout of a range, reversing or simply continuing, The breakout itself is a much misunderstood concept, depending on where price is currently at relevant to past support and resistance changes everything as regards the chosen strategy. Part of the problem most traders have is they get attracted by a fast moving price but jump onto the trend at the end of the move. Now it is possible to jump a breakout in full flight and I will explain this in another video how you can do this. The best way however for most traders to get involved is to let the move takes it course, which means no chasing of price β if price moves too far way too fast then simply do not attempt to make a trade. I would propose that it is far easier to take advantage of the momentum which is in the trade but use the pull back as the method of getting into the trade. Now most people who know me understand I never predict price moves as we all know this is just nonsense and at best just a 50/50 chance designed to turn you into knots, but what I do is have in my head several price options, so that I am ready to act when one of these options comes to fruition. This means I am prepared for most options and this gives me a distinct advantage over most traders. My trade setup here is wait for price to pull back before entering short. At exacttrading.com as I have just said I go with price and if on this occasion price does not pull back as I am hoping, I am more than happy to let price fall and stand aside for this trade. I hope you enjoy the video, please do sign up to my YT channel and opt-in to my email lost to receive my twice daily FX reviews. If you want to email me please do so at paul at exacttrading.com
Visibility: 1037
Duration: 13m 50s
Rating: 10