Learn how to trade with Breakouts

A breakout is price moving outside a defined support or resistance level with increased volume. A breakout trader enters a long position after the price breaks above resistance or enters a short position after the price breaks below support. Once the pair trades beyond the price barrier, volatility tends to increase and prices usually trend in the breakout's direction. The reason breakouts are such an important trading strategy is because these setups are the starting point for future volatility increases, large price swings and, in many circumstances, major price trends.
Breakouts occur in all types of market environments. Typically, the most explosive price movements are a result of channel breakouts and price pattern breakouts such as triangles, flags, or head and shoulders patterns. As volatility contracts during these time frames, it will typically expand after prices move beyond the identified ranges.

Today Economic Calendar GMT
High volatility expected on EUR , GBP and USD pairs
Medium volatility expected on CAD pairs

In trading, it is very easy to get lost in the game.
Here are 5 common habits that might help in limiting your risk exposure 💥
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1. Double, triple, even quadruple-check your orders
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Electronic trading has made it very easy for traders to execute trades. However, because of the ease and simplicity of electronic online trading, the chances of erroneous commands also rise significantly.
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Having a well-thought-out trading plan would be useless if you do not correctly input your orders.
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In May 2010, the financial market experienced a huge crash due to a “fat finger” event.
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A trader in a large trading firm mistakenly sold $16 billion worth of future contracts instead of just $16 million.
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Other traders who saw the order thought that something big was about to happen, so they sold too.
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This resulted in a collective intraday drop of $1 trillion in the U.S. equity market. Needless to say, the trading firm, as well as those holding on to stocks, lost a lot of money.
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2. Take profit on your winning trades
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Another commonly overlooked risk management practice is taking some of your profits off the table while the price action is still in your favor.
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We know it’s tempting to ride a trend with a full position all the way to your profit target, but taking off a part of your position limits your exposure to potential volatility.
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After all, the saying “The trend is your friend… until it ends” didn’t come from nothing, did it?
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3. Take a step back from trading
Do you feel like you’re in a trading rut? Are your fundamental and technical analyses off more often that you’d like to admit?
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If you said “yes” to these questions, then you probably just need to take a little time off from trading.
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What’s good about staying away from the markets completely is that you’re not emotionally invested in any position.
This usually allows you to reset and see market themes and chart patterns from a renewed point of view. And sometimes, a break will help you realize what you did wrong in your last couple of trades.

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