Today, I’ll show you some breakout trades. When we first do our analysis, we are looking for strong and weak currencies. Right now, the AUD (orange line) is strong up top and the JPY (yellow line) is weak down below.
However, both are trading flat currently and have been for quite some time.
In this case, you can either wait until momentum enters the market or place a pending order 10 pips away from the current price to see if the trend will continue.
AUD/JPY BUY
You can see how the market traded sideways (that corresponds with the flat movement we saw on the indicator).
Then, trend continues up and your order would be triggered. From that point on, the pair went up over 20 pips
When you watch the entire video analysis below, I’ll show you what conditions are necessary for a market order entry:
