BREAKOUT FOREX EASY STRATEGY FOR BEGINNERS - Singapore Forex Trading, Singapore Forex Academy, Singapore Forex Association

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BREAKOUT FOREX EASY STRATEGY FOR BEGINNERS


easy forex strategy
The breakout strategy is an easy forex strategy free for all beginners wishing to start gaining on forex. In the picture above, bearish bars are illustrated in red color. With growing bearish bars, selling is getting momentum. Therefore, the trader is required to track down closely the trend for identifying when to perform trade taking into consideration the possibility of change in the current trends.
The yellow circle in the picture illustrates the beginning of downtrend (which is confirmed by the fact that the new low broke the previous uptrend low). This largest red bearish bar illustrates a very strong selling momentum. Now, a pending sell order may be place below the bar taking into account the favorable conditions for trade.
This pending sell order is illustrated by the yellow dotted line in the chart. Stop loss is located above the opening and closure of the previous bars (SL line in the picture). The first take profit target is illustrated by TP1 line in the picture, and the final take profit target is illustrated by TP2 line. The two lines stand for the previous and next low, respectively.
So, the breakout is quite an easy strategy of forex trading, and the only thing which you need for effectively implement it is to visualize and check the moment of trend reversal, which is the optimum momentum for entering into the transaction.