Corey Bricker is a professional forex trader who has been trading forex successfully for the last 4 years. Breakout takes place when the price action moves out of a defined area of support and resistance.
He shows you how to identify the support and resistance on the one hour as well as the four hour charts using trendlines and then wait for a breakout to happen. Trendline are one of the most simplest technical indicators that many new traders simply ignore. However, professional trades use these trendlines in their technical analysis extensively. This is what you should also learn how to do. Plus he also gives you certain characteristics of these trendlines that you can use to filter out the breakouts that you are going to trade.
For example, on the H1 timeframe, you want the breakout to make close to pips. So you should be looking for a breakout that makes you something like pips. On the other hand, a breakout on H4 will be more significant and can make you pips. Often times it happens that the price action after making a breakout makes a retracement inside the support and resistance zone. This freaks out many new traders who with practice can learn that often times the price action is able to move out of the support and resistance area after sometimes giving you good number of pips.
What this means is that the placement of the stop loss is very important. Too tight a stop loss might not work often. At the same time, take profit is also important. The beauty of the Forex Breakout Trading Strategy explained by Corey Bricker is that it uses only price action to spot these breakouts using trendlines.
No indicator is used. Take profit targets are also pure price action based and depend on the pivot levels S1, S2, S3 or R1, R2 and R3 whatever the case might be. There can be other ways to take profit as well. But this method given by Corey Bricker is simple and will help you take profit with ease. There are many ways to trade these breakouts. However, in this Forex Breakout Trades eBook, you will learn how to spot these breakouts using simple trendlines.
Drawing these trendlines with practice will become more and more accurate. Once you are in a breakout trade and you are not stopped out, you then use pivot S1, S2, S3 or R1, R2 or R3 levels to decide about your take profit targets. If you want to learn a simple price action based breakout trading strategy then this 34 page Kindle eBook can help you a lot. Keep your trading simple. And this is what you should do.
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