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