Phil Newton's Break out Strategy | Price Action Forex Trading - Part 2

http://www.trading-strategies.info In this Forex Video we see some of the pitfalls of what most of the text books say about trading a range, often refered to as bracketing a range.

Price action forex trading at its simplest!

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[narul2009]

Hi Phil,

I understand that trade entry is done after the real breakout(5th). Sell stop will be placed at pullback breakout. Is that right?

Very good vedeo. Thanks for your reply in advance.

Arul

[pnewton69]

Hi, as teh name suggests I'm looking for price to break up or down out of a range then pullback as described on video number 1

[SuburbanHomeboyUK]

Hi Phil,

If I am using a 15 minute chart and i spot a clear break out, would I then drop down to a 2 minute chart to look for the pull back and then enter as the next candle passes the previous high? (I just done that and got stopped out - I was wondering if I did something wrong?)

Ian in Birmingham

[pnewton69]

Hi Ian, not all trades are going to be winners, the sooner you realise this the sooner you can move on. Just been stopped out myslef on a low time frame break out on EURJPY, now looking for a re-entry

[SuburbanHomeboyUK]

I dont have an issue with losing as long as I followed the rules. It was clarificatiion of the 2 minute pull back rather than the 15 minute pull back I was after. I am going to join your trading room soon. I have a few other priorities at the moment but I like your methodology.

Your web site and videos on fx street are excellent.

Ian

[pnewton69]

hi Ian, taking a lower time frame entry is fine, personally I use a low time frame entry initially which if that doesnt work out then usually the 15 min entry will present itself as either confirmation or a re-entry option

[fishingforexpips]

Good information Phil. Forex is the way to go.

James.

[BillyFeynman]

False breakouts tend to occur at the end of the trend. An alternative, if you want to stick with traditional breakouts is to wait for a new trend to form (using a moving average cross or whatever you like) and then only trade the 'first 2' breakouts of that trend. This 'first 2' rule stops you hunting for breakouts once the trend becomes exhausted.

[realmadridvideos]

Great Video !

I am using similar strategy except I wait for a close on 4hr chart.

[laton2010]

i have my doubts if anyone makes money on breakout or to be more clear i am not sure anyone makes money in forex.hahahah

[81borgy]

Hi

Phill i see the point your trying to make in the video and you always explain things well to a farly newbie like me but wouldnt you agree that often the main movement of the day for a pair is caused by news releases and when the news is released the price can move rapidly and waiting for a pull back will mean the opportunity is lost

[FreeFOREXautoROBOTS]

I have great results with EA

[BSJWright]

@MoHo666 Phil uses tradestation, but he's in the process of moving to a different one as he's been having issues with it freezing recently. Current favourite is MT4 but I understand he is going to have modification scripts written to ensure orders are correctly placed, etc.

[MoHo666]

what trading platform do you use?thnx MoHo

[afqawq]

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