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

 

[Kaffee]

Maybe I missed it, but you didn't say why you set your target at the level specified.

Was it previous S/R points ? Or do you always trade this strategy for the same number of PIPS ?

 

[shuff944]

Exellent Phil, very positive application, and distinct action. Of much interest to me as I am more into price action. Hope you don't mind but I've bookmarked the vid page, for future reference. Thank's Phil very informative.

 

[TraderIan]

Useful and practical example of a working strategy. Trading is not an easy business - it requires understanding market conditions and adaption that only comes through experience as this video shows.

 

[zafaralam]

your article is very informative. i did not understand how do you drive the profit target?
shah

 

[neil]

your article is very informative. i did not understand how do you drive the profit target?
shah

see Post 7

 

[chrislee]

Zafaralam, if you enjoyed the video, Phil has hundreds of such training videos on his site and his forum is second to none.

Anybody struggling in the forex game and serious about making it, I thoroughly recommend him.

And before anyone asks, no i'm not on commission ......and i'm not Phil either

Regards Chris

 

[Chorlton]

what's the significance of the 7.00 time you mention towards the end of the soundtrack?

Just an arbitrary time 8am gmt is one ive used for a while. In fairness it can be flexible as with all aspects of TA but generally speaking i do not break it often an dif I do I'm only taking about 30ish minutes if there has been a well defined range during the Asian session.

Is there any particular significance of this being a EUR/JPY trade, or might you equally have chosen another currency pair?

This is a pattern that can be used on any market and any pair. There is nothing new to this it is just how I decide to trade it within forex.

Less important, I suspect, but I was curious about your 8,12,8 MACD histogram settings: can you comment on them?

Again nothing special here it is just a slightly faster setting. Currently I do not have macd on my main set of charts. I only used it for divergences in any case.

Hi Newtron,

Firstly, great video!! Very informative and helpful

I do however have one question. I understand that your target level (36 pips) is based on the current range but considering that you actually enter the trade roughly in the middle of the range then why is the target level maintained at 36pips?

Could you clarify this as I'm a tad confused....

Many Thanks,

Chorlton

 

[neil]

He might not see your post. Try writing to him at his site.

 

[neil]

Plus - to see more Videos you might have to subscribe to his site - £30 monthly I believe?

 

[JustaHunch]

An excellent post.

Hi NB, an excellent post. Many traders wait for a pullback after letting the market enter some kind of trend, in this example an intraday move. You illustrate this for people and then show them a clearly defined stop loss and target price. A simple great strategy.



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A moment's insight pays for years of endeavour!

 

[Newtron Bomb]

Hi Folks

Thanks for the notes

ITs a strat that has worked time and time again for me with clear set ups when they come.

Ive worked on some variations of the same strat with very interesting results too

Happy Trading Folks

NB

 

[Newtron Bomb]

Updates for this article can be found here Phil Newton's Break out Strategy

 

[fudanjx]

Really good strategy, thks for the generous to share this here!

 

[markwhittle]

used this strategy and it worked to a "T" cheers Phil

 

[hunnybunny]

Yes, thanks very much for sharing your breakout strategy, Phil

 

[Mikey75x]

Good video and, as a newbie, I followed most of it and the technical terms. However I don't understand how you arrived at 132.85 as the target for taking your profit? Where did you get that from?

 

[Karel]

Mikey75x - high-low range = 36 pips; low = 133.21; 13321 - 36 = 13285

 

[horace]

I would be nice to try and construct a mechanical trading system with this simple rules.

 

[aryanraj]

I can't understand it...can anyone make it clear for me....
i had a big loss in trading..
so please ................
contact id:[email protected]

 

[AC007]

do pros trade forex? I think its for action junkies only.