Hi I would like to share with you an easy but effective little strategy Iv put together that has worked very well for me, All you need to know how to do is draw a trend line.
Ok heres how it works first off these trend lines only need two points to keep it really simple. Let start with an upward sloping trend line. First you have to have a low to start your trend line and then you need to find a higher low. Connect these two points and you have yourself a trendline. Now all you have to do is wait for price to break and close below this line. The next step is to look to your left on the chart at the same level and below the point that price broke the trendline. If it looks choppy do not open a trade if it looks like price is vertical up or down enter. Thats it, its that simple now all you have to know is what size stoploss and take profit to use. This can be used on any time frame but you will need to adjust your stop loss based on the time frame. Il used the 15min for an example. On the 15 min I look for pairs with lower spreads and then I use a 30 pip stop loss. I then open two positions one with 2/3 of my position and the other with the remaining 1/3 for the 2/3 position I set a take profit at 15-20 pips and for the 1/3 I trail a stop loss following the slope of the trend line. You will find even on the 15min time frame that the second position will sometimes go for hundreds of pips. I will post a picture to help you understand how all this works.