In this video walk through, I am going to show you a price action breakout event that I traded from a consolidation structure.
When the market drifts sideways, quite often it can build up structures that create a potent framework for really good breakout opportunities.
As you’ve probable noticed before, when consolidation is broken, the market can really get moving. This video is about a breakout candle strategy I used to capture the breakout event and get into a trade.
It’s a really simple concept, which is how I like to keep my trading – very simple and straight forward.
I hope you enjoy the video.
Kyle Mahadoo
Why didnt you consider moving your SL to positive at previous swing low to protect some profits?
Markm
What trading platform (brokerage) do you recommend for trading in the forex market?
Steve Epperson
Thanks for taking the time to put this video together. I like the shaded box thing. Pretty cool. You mentioned that you may have been “smarter” about your entry into this trade. I disagree. I thought it was perfect the way you did it. You entered at the close of the first candle in what seemed like was going to be a strong breakout. If I would have been trading the sterling– GBP pairs no good for Steve this year– I would have entered exactly as you did. I think your readers need to understand that not every candle traded needs to have a tail attached to it. There are other ways to find signals beside rejection candles and inside candles. Good luck on the last part of the month. Hope it turns out better than the previous three weeks– for me anyway.