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Simple Forex Daily Breakout Strategy

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There are many reasons why I would advise anyone to trade forex using the daily timeframe, but first, you have to find a suitable forex trading method.


The following reasons are why you should consider trading forex using the daily timeframe:

• With the daily timeframe, you reduce the risk of overtrading; because you are focused just on the daily candle and you trade only once a day.
• You get to go with the trend and increase your potential of hitting your target.
• You get to trade your method consistently.
• There is a reduction in noise in trading with the higher timeframe such as a daily candle. With the higher timeframe, false signals are reduced with the higher timeframe.

Now, that we have listed some of the benefits of trading with the daily timeframe, the next challenge is looking for a trading plan. Now I will want you to look at an empty daily timeframe without any indicators. I am sure you will notice a pattern of candle breaking the daily high or low of the previous day.…