Forex Technical Analysis Day Trading & Scalping 15 Minute Break-out Strategy

In this streaming video, Phil provides the outline of a trading strategy he uses regularly for trading the forex market.

In this example, he demonstrates a simple break-out strategy on the Eur/JPY pair using 15 minute charts, but his interpretation of the charts, using price action and candlestick analysis, can be applied to many other price patterns across the currency pairs.

He details his precise method for identifying and trading this set-up, including:

• when the set-up is most likely to appear
  
• why you should avoid taking the trade on the first break-out
  
• where to place a stop-loss and why you should resist the temptation to move this to break-even at the first opportunity
  
• how candlestick analysis can be used to support the entry decision
  
• where to exit the trade.

Click here to view the video (will appear in new window).

Further examples of Phil's trading strategies can be viewed at www.trading-strategies.info

 

[FXGuy]

Hi NB

Agree with the above comments - great video, keep them comming.

Just a question about the 15 min. strategy, when you establish the high/low range are you looking at the high and low points on a 15 min chart from Midnight - 07.00 GMT?

 

[ihaggo]

Excellent video. Same question as FXGuy: what is the time period to mark the range before you look for a breakout from it?

 

[SvenFoster]

its 0-7am GMT

 

[Newtron Bomb]

The time is arbitary. 8am UK time is used. 7 is mentioned in the Video to to daylight savings.

To be fair it really is neither here nor there which time you use. The pattern and sequence of events it the important issue

 

[Newtron Bomb]

KISS is always good.

I'll check it out.
Have you tried playing a reversal back to the bottom / top of the range?
(Seems like it happens often.)

Regards,
mtt_14

Yes I do. using smaller TF's

 

[mcldan10]

Great video. Very easy to understand and follow and I peronsally found it very informative and insightful. Thanks.

 

[ElectricSavant]

Maybe he had the RSI and the MACD on the chart to help him determine when the brackets were set for the high/low range. It is only speculation though. It was not clear in he video.

Maybe a sufficient number of Pips over a defined number of bars is a benchmark for the high and low, who knows?

 

[Tekunda]

Newtron Bomb, I have been trading a similar BA strategy, mostly the GBP. Now since in your video you traded the EURJPY my question would be how to decide which is the best candidate for a BA trade that particular morning? Quite often after the Asian session I will find other pairs besides the GBP that have traded in a narrow range. So do you only concentrate on one pair for the BA trade or do you trade more than currency at times? Or how do you find the most likely candidate for a profitable BA trade?
Have you also tried to trade within the range? Sometimes I noticed when the Asian range has been quite large, 8more than 60 pips) the currency will move to its upper or lower boundary, reverse there and move back to the opposite boundary. If you have please share your set up.

And since I I live in Europe and in the US (and it sucks to get up in the middle of the night when in the US to trade the London opening) a BA strategy is mostly off the table for me when I stay in the US. So do you have a successful strategy you could share with US traders to trade the US market time? (By that I do not mean news trades like when the NFP come out) Although, if you have one for those times news times as well, it would be highly appreciated.

 

[Newtron Bomb]

Newtron Bomb, I have been trading a similar BA strategy, mostly the GBP. Now since in your video you traded the EURJPY my question would be how to decide which is the best candidate for a BA trade that particular morning?Quite often after the Asian session I will find other pairs besides the GBP that have traded in a narrow range. So do you only concentrate on one pair for the BA trade or do you trade more than currency at times? Or how do you find the most likely candidate for a profitable BA trade?

I decide on which pair by looking to see if the pattern sets up. If it isnt there I dont trade it. Looking a the chart usually helps with this process.

Have you also tried to trade within the range? Sometimes I noticed when the Asian range has been quite large, 8more than 60 pips) the currency will move to its upper or lower boundary, reverse there and move back to the opposite boundary. If you have please share your set up.

Yes I do trade prior to a BO of range this is dependant on the condition of the day and is a different set up to that of the BO video.

And since I I live in Europe and in the US (and it sucks to get up in the middle of the night when in the US to trade the London opening) a BA strategy is mostly off the table for me when I stay in the US. So do you have a successful strategy you could share with US traders to trade the US market time? (By that I do not mean news trades like when the NFP come out) Although, if you have one for those times news times as well, it would be highly appreciated.

Improvise and adapt to your circumstances, Look for a range or consol pattern to trade this pattern. There are plenty about at US open.

...I'm not trying to be funny with you but shall I come and trade for you as well.

I'll help people as much as I can but I cannot do it all for you. IF people want an open discussion about trading then I will oblige but I will not hand it to people on a plate and then complain (as they have done in the past) that "it doesnt work" usually because they expect it to be easy, which it isnt.

 

[loukas]

Hey NB,

I think it's great that you posted the video free for all to see, this is a clear and concise strategy that keeps you out of false BO most fo the time, but enables you to catch most of the good trends! And thus, quite profitable....

I know, because I'm using it as one of my main strategies!! :cheesy:

Keep up a good work, NB!

Loukas

 

[Straybow]

It is not at all clear, but is this a non-FA breakout strategy, just looking for how the European traders push the rates after the Asians have stalled?

 

[Tekunda]

I

...I'm not trying to be funny with you but shall I come and trade for you as well.
.

Of course not, but I was never shy of asking questions. Only a fool thinks he knows it all!

 

[spunkyblonde]

thanks the video ..is exelent .. i enjoyed the both visual and listening benifits of watching a moveing chart ..and listening to the actiuon taken as the chart progressed ... sally

 

[patterns357]

hey thanks so much. i cant tell you how much i appreciate this video. i wish you the best.

 

[bgold]

NB, excellent video and clear summary of your strategy. Like it a lot. Keen to hear more about the statistics of the strategy as well as your methodology for monitoring trade opportunities/set-ups?

 

[logo]

NB, excellent video and clear summary of your strategy. Like it a lot. Keen to hear more about the statistics of the strategy as well as your methodology for monitoring trade opportunities/set-ups?

nice,nice,yeah thanks so much. i cant tell you how much i appreciate this video

 

[airwave]

Excellent video.
I was using something similar couple of years ago. Now I'am more long term.
Thanks for sharing

 

[Russ_OK]

Thanks,
Very Clear and thought out. My kind of trading (no technical indicators) just price action alone.

 

[hu5]

So excellent.
Thanks for your brief description on this pattern.
It indeed seems so familiar, but every chance I lost.
Just for the movement of Euro/USD on July 1st, I lost again.
If I had watched your video earlier,......
However, I 'm feeling so pleasant now!

 

[autumdance]

gd work ,i read a lot of books or articles on the breakout theory, the diff with your's being the placement of SL, thats exactly where i lost a lot of trades to c the trade go back in my favour, u have coupled it with the chart pattern recogniton this really is experience work, thanx for posting, look forward for your next topic