Day trading breakouts is my favorite trading method, here you will see our day trading software doing exactly what its designed to do, giving us great trades to take. In this example it’s a breakout trade. We drew in the support and resistance by looking to the left. We then waited for the system to line up and signal a breakout, we then took the short trade down to previous support.
Day trading breakouts really is quite simple, each morning I check out GBPUSD and EURUSD, I see where the price is, I look to the left and I work out if there is easy profit to be made, I setup the day trading software to alert me if I get and entry and then if everything lines up, I take the trade.
I will then wait for either an opposing signal, price reaching support or resistance, or a grey bar, then I will exit the trade. I usually do this on a 15-minute chart. This is easy money for anyone, including beginners.
The main thing to understand with trading the forex markets is that it will go from a range bound market to a trending market a lot during the day. You can trade this on any timeframe, though my favorites are the 15-minute chart and the 30-minute chart. Give it a go.