As I was explaining in the room today we have seen some tough trading for this entire week if you are a short term forex trader. When you open up your trading platform and see a huge move in currencies before you got there it makes for tough trading, and here is why.
Here is a great example of the breakout continuation trade. This type of trade setup is a great way to trade breakouts without trying to chase the initial breakout. When entering on the initial breakout, often times these are just simply fake moves that lead to a complete reversal in the market.
Today we took a nice long on the GBP/USD for +40 pips. Overall it was really slow European and NY session, which required a lot of patience to wait for the proper trade setup. However after an hour and a half of waiting for this setup we finally had a good trade.
Notice the EUR/JPY goes up to the last intra-day resistance level, then closes as a reversal candle formation. After the reversal candle closed we went short.
Here is a great example of using market correlation to find an entry. On this trade we had everything either at previous support or resistance, and additionally each 15M chart was closing as a reversal candle formation. Additionally on the EUR/JPY and the GBP/JPY there was a great forex breakout continuationtrade setups occurring.
Here is a great example of getting in with the current trend by using forex chart patterns that repeat themselves many times throughout the trading day. On this example the market as a whole was point towards USD strength as well as the YEN crosses being pointed down. On the EUR/JPY we were making consecutive lower lows as well as lower highs
Here is a Recent Forex Day Trade on EURJPY currency pair taken in the London Session. Other forex pairs discussed etc. Talk soon guys.
A video with a few day trading oppertunities explained. This week we managed +15% from these day trade setups. Learn how to trade these forex trading strategies with this forex education video
Here is a great example of the proper use of triangle formations to effectively day trade in the forex market. Triangles can be a powerful day trading tool when used correctly!
Live Forex Trades GBPUSD, USDJPY, GBPJPY. Trading breakouts can be a profitable way to day trade the forex market. Here is an example of one strategy we use in our live trading room to take advantage of market breakouts.