Trend line breakout is a simple and powerful trading strategy that works on any time frame and pairs. Here I want to show you a nice bullish breakout trading EURJPY on 31 July 2013. With a proper stop loss we can gain many green pips without having to lose your account.
On the chart above, I draw a trendline connecting highs. When price move up and break this trend line, I open buy with stop loss below the previous low. I only take 10-20 pips per trade and that's enough for me. Now I am waiting for the price to retrace down and maybe give a good sell signal.
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