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Looking at the price is not enough however. This is where using one or more of the indicators mentioned earlier in this lesson could help you tremendously.

Using this information we can safely say that the breakout will continue to push the euro down and as traders, we should short this pair. Another way to spot breakout opportunities is to draw trend channels. Drawing trend channels are almost the same as drawing trend lines except that after you draw a trend line you have to add the other side.

The approach is similar to how we approach trend lines in that we wait for the price to reach one of the channel lines and look at the indicators to help us make our decision. Triangles are formed when the market price starts off volatile and begins to consolidate into a tight range.

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Our goal is to position ourselves when the market consolidates so that we can capture a move when a breakout occurs. Ascending triangles form when there is a resistance level and the market price continues to make higher lows.

The story behind an ascending triangle is that each time the price reaches a certain high, there are several traders who are convinced about selling at that level, resulting in the price dropping back down. On the other side, there are several traders who believe the price should be higher, and as the price begins to drop, buy higher than its previous low.

The result is a struggle between the bulls and bears which ultimately converges into an ultimate showdown…. What we are looking for is a breakout to the upside since ascending triangles are generally bullish signals.

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When we see a breach of the resistance level the proper decision would be to go long. Sellers are continuing to put pressure on the buyers, and as a result, we start to see lower highs met by a strong support level. Descending triangles are generally bearish signals. To take advantage of this, our goal is to position ourselves to go short if the price should breakout below the support level.

Rather than having a horizontal support or resistance level, both the bulls and the bears create higher lows and lower highs and form an apex somewhere in the middle.

Unlike the ascending and descending triangles which are generally bullish and bearish signals, symmetrical triangles have NO directional bias. In the case of the symmetrical triangle, you want to position yourself to be ready for both an upside or downside breakout.

A perfect time to use the one-cancels-the-other OCO order! A Breakout happens when a price moves outside a defined support or resistance level with increased volume.

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