Hello everyone! I am creating this post to cover the New York Daily Breakout Session Strategy.

This strategy can be used to trade the New York-US Forex Trading Session.

The New York Forex Session is the second largest to the London trading session in the currency market which operates 24hrs.

This is a simple breakout trading strategy where you wait for the breakout of a support to go short and breakout of a resistance level to go long.

Enjoy and I hope this helps with your trading ventures!

EURUSD, GBPUSD, USDCHF, USDJPY

Open a chart on the 15 min timeframe
Draw a vertical line at 7am EST on your charting platform.
Draw a vertical line at 9am EST on your charting platform.
Draw a Horizontal line at the high of the identified zone.
Draw a Horizontal line at the low of the identified zone.
Place a buy stop pending order a few pips above the high and a sell stop pending order a few pips below the low.
Place your stop loss on opposite ends, for example, your stop loss for the buy stop pending order will be placed at the level where you placed the sell stop pending order and opposite for the sell stop pending order.
Wait for a breakout to happen and when one order fills, cancel the other pending order that has not been filled.
Set your take profit zone 50 to 60 pips profit.

If you see that the price does not break the high/low, then it is considered a ranging market. At this point, cancel both pending orders, and move on to the next day. Trading is not a race!
Keep in mind that USD news releases usually happen around the 7am to 9am phase so be aware of them you can see all news releases and the possible impact that may have by going to our News Section of the Website >>CLICK HERE TO ACCESS<<

ADVANTAGES OF THE NEW YORK BREAKOUT FOREX TRADING STRATEGY

This strategy helps to avoid overtrading. By having only a few assets traded, 1 time per day, will assist in keeping your mindset positive and sticking to the rules of the strategy.
With this strategy traders can wake up in the morning, place a trade and move on with your day. ***Not at the computer at this time? That’s ok, with our Sominex EA, you can set it up to run every day on the assets of your choosing and let it do the work for you.***
The forex market trend that begins in UK generally tends to continue into the New York US trading session.
If the Distance between the high and low is less than 50-60 pips, the return could be very high.
This is price action trading at its simplest form. Check out our Pure Price Action Series to learn basic and advanced setups!

DISADVANTAGES OF THE NEW YORK BREAKOUT FOREX TRADING STRATEGY

All forex trading strategies have their disadvantages:

If the distance between the high and low is more than 50-60 pips, it may be best to avoid because price has already moved and may not have the necessary momentum to be profitable.
If you decide to take the trade under these circumstances, it is best to aim for 20-30 pips profit target instead of 50+ pips profit target.

Charlie shares with you education, responses to questions, results and market commentary of recent trades – CLICK HERE to access