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a buy or a sell order immediately. To make it more clear, consider that once a trending pattern ceases to occur, there is a potential for a horizontal price channel to form and we have a Forex trading strategy to deal with this common price action pattern. But before you can do that, you must be able to draw proper channels. In accordance with our strategy, we place entry orders 10 pips above and below the channel.6796 and.6763. To form a horizontal price channel, price action changes from a trending market into a market that is consolidating sideways. You may consider taking half the profits off the trade and leave the other half running. The channel actually also occurs between the European and.S. These are questions you must ask before trading this strategy. Next, you connect these points with a trendline. Placing stop loss is easy: Just Place your stops outside of the channel lines. Drawing A Channel Is very easyheres how (keep referring to the charts above First you need to identify the points where you want to start drawing your channels from.
The first is a USD/CAD 15-minute chart shown in Figure. The total range of the channel is approximately 30 pips. Heres an example of an upward channel : HOW DO YOU drahannel? Here are a couple of options to manage a trade that is in profit: when price moves by the amount your risked, kurs walut online forex move your stop loss to breakeven. Your profit targets are easy to spot they are the opposite extreme from where you took your trading entry. Well, it would be the exact opposite of the chart above. If you ignore all price action in the middle of the price channel and only focus on the extremes, you increase your odds of a winning trade. Stop Loss Placement Eventually price breaks the high or low and the trend will continue. Examples, let us now examine a few examples.