When you are examining a currency’s price chart, keep your eyes open for triangles. These patterns will oftentimes predict a narrowing in action on a chart; which in turn can lead to a price reversal or continuation. When a currency starts seeing higher lows and lower highs, a somewhat symmetrical triangle will appear sideways on a chart. Neither buyers or sellers have an advantage in these situations; that is, until a breakout occurs. When this happens, you should be prepared to take advantage of a rapidly moving price.
With this type of breakout it is difficult to predict in just which direction the price will go. Still, you can make a lot of money off of this occurrence. How can you do this if you aren’t sure which direction the price will move in? Simply by being prepared for both outcomes. The price will either go up dramatically or down dramatically. If you have entry and exit prices previously determined and automatically entered into your trading platform, you can make money regardless of which direction the currency’s price moves in.
Automatic entry points are an essential part of trading wisely. They might be difficult to determine at first, but the more often you do it, the easier it will get. If your Oracle Trader platform does not allow you to cheaply enter fixed entry and exit points, you may want to consider changing your broker to one that more easily accommodates your trading style. This strategy will make your life a whole lot easier and will give you more free time.