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Forex Breakout Strategy – Trading Strong Upward Rebound + Knowing The Daily Range !

For this Forex Trading Strategy here…

I will be sharing on a ” Reversal ” breakout ( or rebound/retrace ) trading strategy which sometimes occur after a serious plunge.

Here’s a screen-shot to help you understand better :

( Note that this time round the currency pair is GBP/USD )

Forex " Reversal" Breakout

Forex " Reversal" Breakout

For this trade, the GBP/USD has been plunging seriously for more than 500 pips previously..

It then came to a point where the ” Lowest Support” was being tested twice..

And somehow forming a ” Double Bottom Breakout ” formation too.

By the time I take a glimpse at this GBP/USD currency pair, the price has started Climbing upward already.

Upon seeing that…

I was really happy as I know there’s a trade ‘ Set-up ” in place for me again this time….

( After profited about 300 pips from the plunge before too..hehe…no no I am not trying to show off here by saying that !! But rather conveying that it is really simple for you or anyone to capture Massive Pips ….if you know how. )

As usual….I do not enter ” LONG ” straight away…

But I wait patiently for more Confirmation Set-ups…

( Set-Ups which I picked up and learnt throughout my forex trading journey so far…)

Having spotted that ” BULL FLAG “…

That’s considered ” One tick ” for me to go LONG…

The final indication came in when this Bull Flag actually fall in line with the ” Previous Resistance of The Range ”  ( left side of picture )

Did my calculation for my Risk/Reward ratio..

I then place my ” Entry, SL & TP ” for the trade.

However this time round, I need to emphasize one ” Critical ” factor here..

That is – I am NOT aiming for more than 200 Pips profits for the pair GBP/USD.

Not even 150 Pips…

But only 140 Pips …because it is more REALISTIC.

Had I aim for 200 Pips instead of just a realistic 140 Pips…I might have lost on this trade instead.

( If you refer to the right side of the price again, you would notice that the price hit a high and then plunge down again ! )

Am sure you would agree that is is far better than we lock in those precious profits first……

Than to see them disappear and worst….hit our STOP-LOSS end of day right…?

It is really important for you to understand the ” Daily Pips Range ” of the currency pair you are trading.

Not only is this crucial in setting a realistic ” Stop-loss & Take-Profits ” target..

But also help you achieve higher degree of success for any trade you wish to enter & with that – You would definitely be feeling MORE CONFIDENT too…

Here’s the screen-shot of the ” Entry, SL & TP  ” to share :

Forex Reversal Breakout

Total Pips for this trade = 140 Pips.

Which equates to USD $1,400.00 profits.

If I do not take into consideration the ” Daily Range ” of this currency pair …

And aim for ” Unrealistic” profit target…

I might get the Stop-Loss hit and lost USD $800….

( Instead of winning USD $1,400 now….keke )

So the main point for you here is that – Do make sure you know the ” Realistic Daily Range ” of the currency pair you are trading.

If you’re unsure….then just stick to the most ” Conservative” profits target ( TP ).

After all….locking in profits for yourself is better than to see them all being given BACK to the market anytime right ? Ouchz…

Alright. So much for this post on Forex Reversal rebound + Daily Pips Range.

Hope you also learn something valuable from it and again….feel enlighten!

Remember this..

” It is really not hard for anyone ( including you ) to make REAL Consistent Profits from trading forex …every single month – If you really want !”

As usual….I am going to shout that sentence again ( do stand back now )

>> Happy trading, Happy hunting & Even Even More ” Explosive ” gains for you too !

PS: Know your ” Daily Pips Range ” !!!!

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