Live Trading Example – Double Forex Breakout

In this live Forex trading video I managed to confirm a regular Forex breakout in trend with additional breakout that came through the lower level of an Expanding Triangle. This way I confirmed a double Forex breakout signal, which was the reason for my short trade.

Signals of the Double Forex Breakout Trade

  1. The price of the NZD/USD has been following a bullish trend.
  2. Suddenly, the price action finished a candle below that trend line, creating the first Forex breakout.
  3. The bullish move gradually evolved into a sideways price move – a consolidation.
  4. This consolidation resembles an Expanding Triangle.
  5. Since signals were bearish, I decided to wait for a breakout through the lower level of the Expanding Triangle.
  6. The price broke the lower level of the triangle and I shorted the NZD/USD.

Stop Loss Order and Target

I placed a Stop Loss order above the upper level of the Expanding Triangle. This way I contained all possible tops on the chart, which made my trade secure.

The usual target of this trade would be at a distance equal to the vertical size of the Expanding Triangle in its widest part. However, I extended this target a bit to the 61.8% Fibonacci Level of the previous bullish trend. I decided to aim bigger due to the strong bearish signal provided by the double Forex breakout.

Live Trading Example

Notice that the price of the NZD/USD went even lower. You may think “Such a pity he missed the further decrease!” Absolutely not. I am happy that my target was reached with no hesitation. Don’t forget that there is no such thing as a 100% winner in Forex. Therefore, the point is to get your targets hit and not your Stop Loss orders. Bottom line, I generated 0.17% pure profit for about one hour. That’s what I call success!

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Team ForexBoat
Team ForexBoat

Our goal is to share this passion with others and guide newbies to avoid costly mistakes. Today we want to share all our knowledge and insights, so you can take your trading skills to the next level.

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